Taigang Stainless Steel expects significant net loss for 2015

Tuesday, 02 February 2016 10:39:02 (GMT+3)   |   Shanghai
       

Shanxi Province-based Chinese stainless producer Taigang Stainless Steel Co. (Taigang Stainless Steel), a listed subsidiary of Taiyuan Iron and Steel (Group) Co. (TISCO), has announced in its preliminary financial report for 2015 that it expects to record a net loss in the range of RMB 3.535-3.755 billion ($0.54-0.57 billion) for the year, compared to the net profit of RMB 442 million recorded in 2014.

Taigang Stainless Steel stated that the continuous declining trend of finished steel prices and the devaluation of the Chinese currency were the main reasons for its losses in the given year.

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