SGIS Songshan estimates net loss of RMB 700-750 million for H1

Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., an affiliate of Guangdong-based Shaoguan Iron and Steel Co. (Shaogang), has announced in its preliminary financial report for the first half of the current year that it expects to register a net loss of RMB 700-750 million ($114-122 million) for the given period. The company had achieved a net profit of RMB 10.9753 million in the same period last year.