Taigang Stainless Steel posts net loss of RMB 544 million for 2015

Friday, 29 April 2016 10:17:59 (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 annual report that in 2015 it registered an operating revenue of RMB 11.379 billion ($1.75 billion), down 33.32 percent year on year, with a net loss of RMB 544 million ($83.69 million) compared to a net profit of RMB 17.90 million in 2014.
 
In 2015, Taigang Stainless Steel produced 10.2559 million mt of crude steel, down 4.36 percent year on year. Taigang Stainless Steel stated that the continuous declining trend of finished steel prices and slack demand from downstream users were the main reasons for the loss it recorded in the given year. 

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