On August 20, Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., an affiliate of Guangdong-based Shaoguan Iron and Steel Co. (Shaogang), announced in its financial report for the first half of the current year that it has registered a net loss of RMB 736 million ($119.48 million) for the given period compared to a net profit of RMB 10.9753 million achieved in the same period last year. Meanwhile, the company achieved an operating revenue of RMB 10.136 billion ($1.65 billion) in the first half this year, up 12.5 percent year on year.
In the first half of the current year, the company produced 3.13 million mt of pig iron, up 6.57 percent, 3.2 million mt of crude steel, up 10.99 percent, and 3.12 million mt of finished steel, increasing by 12.11 percent, all year on year.
In addition, the company estimates that it will record a net loss of RMB 730 million ($118.51 million) for the first nine months of the current year, compared to a net profit of RMB 97.17 million in the corresponding period last year.