Sangang Minguang posts net loss of RMB 176 million for first quarter

On April 29, Fujian Province-based Chinese steelmaker Sangang Minguang Co. issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 3.401 billion ($0.55 billion), down 23.85 percent year on year, while indicating a net loss of RMB 176 million ($28.4 million) for the given period, compared to a net loss of RMB 46.56 million ($7.5 million) in the first quarter of 2014.