Shougang Steel and Baogang incur net losses in Q1
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Chinese steel group Shougang Steel has announced that in the first quarter of the current year it achieved a total operating revenue of RMB 2.922 billion ($463.8 million), down 18 percent year on year, while it recorded a net loss of RMB 151 million ($23.97 million) for the quarter, compared to a net profit of RMB 31.89 million ($5.06 million) for the same quarter last year.
Furthermore, for the first six months of the current year Shougang Steel foresees it will record a net loss in the range of RMB 250-350 million ($39.68-55.56 million), compared to a net profit of RMB 306 million ($48.57 million) in H1 2011.
At the same time, Chinese steel producer Baotou Iron and Steel (Baogang Group) has announced that in the first quarter of the current year it incurred a net loss of RMB 10.76 million ($1.71 million).