On March 30, Fujian Province-based Chinese steelmaker Sangang Minguang Co. issued its preliminary financial report for the first quarter of the current year, announcing a net loss of RMB 168-192 million for the given period, compared to a net loss of RMB 46.56 million ($7.5 million) in the first quarter of 2014.
Sangang Minguang stated that the Spring Festival period and the continuous rainy weather contributed to its loss in the first quarter of the current year.