Valin Steel issues estimated net loss of $55-62 million for H1

Thursday, 15 July 2010 14:09:59 (GMT+2)

Hunan-based Chinese steelmaker Valin Steel has announced an estimated net loss of RMB 370-420 million ($55-62 million) for the first six months of the current year, compared with a net loss of RMB 520 million ($77 million) in the corresponding period of last year. The company attributed the loss to the significant increase in prices of raw materials.

Valin Steel's deputy general manager and board secretary, Wang Jun, stated that the loss in the first half of the current year may also be attributed to the fact that Valin's new 2250 hot rolled project has not yet reached its targeted capacity. The project in question, with a designed capacity of 4.5-5 million mt, was commissioned in the second half of last year but has so far been operating at below 50 percent capacity.

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