Beijing-based Chinese steelmaker Shougang Iron and Steel Co. has issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 5.137 billion ($0.829 billion) for the given period, down 21.7 percent year on year, and a net loss of RMB 317 million ($51.13 million), compared to a net profit of RMB 4.8 million recorded in the same period last year.
In its report, Shougang Steel said that the slow growth in the domestic economy in the current year has resulted in slack demand for steel products, dragging down finished steel prices and contributing to the net loss recording by the company.