Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan ), a subsidiary of Guangdong Province-based steel producer Shaoguan Iron and Steel Co.,Ltd (SGIS), has announced that in the first half of current year it recorded an operating revenue of RMB 5.530 billion ($0.86 billion), down 45.45 percent year on year, with a net loss of RMB 880 million ($137.5 million) compared to a net loss of RMB 736 million in the same period of 2014.
SGIS Songshan stated that it foresees a net loss of RMB 1.6 billion ($0.25 billion) in the January-September period this year compared to a net loss of RMB 863.32 million in the same period of 2014, mainly due to decreases in steel prices and the devaluation of the Chinese currency.