Shandong Province-based Chinese steelmaker Shandong Iron & Steel Group Co., Ltd (Shandong Steel Group) has announced in its preliminary financial report that for 2016 it expects to record a net loss in the range of RMB 530-690 million ($77.03-100.29 million), compared to the net profit of RMB 75.9299 million it recorded in 2015.
Shandong Steel Group stated that significant provisions for impairment of fixed assets and the devaluation of the Chinese currency were the main reasons for its losses in the given year.