Beijing-based Chinese steelmaker Shougang Iron and Steel Co. has announced that it expects to register a net loss of RMB 150-250 million ($24.6-41.0 million) for 2013, compared with the net loss of RMB 357 million it recorded in the previous year.
Shougang stated that it has only retained cold rolled sheet and wire rod production following the reorganization of its assets. It also said that its loss in 2013 was mainly attributable to the overall sluggishness in the Chinese steel industry, while Shougang achieved a reduction in its losses compared to 2012 through the revision of its product structure and by reducing costs.