Liaoning Province-based Chinese steelmaker Angang Steel Company Limited (Angang Steel) has announced that its net loss amounted to RMB 4.04 billion ($600 million) in the January-September period this year, with the net loss expanding further compared to a net loss of RMB 2.04 billion recorded in the same period last year. In the given period, Angang Steel registered an operating revenue of RMB 69.9 billion ($10.4 billion), down 4.46 percent year on year.
In the July-September period, Angang Steel registered an operating revenue of RMB 24 billion ($3.6 billion), down 2.23 percent year on year, while posted a net loss of RMB 1.99 billion ($300 million), compared to a net loss of RMB 896 million recorded in the same period last year.
The company stated that the earnings decline was mainly driven by the oversupply in steel market, weak steel prices, higher raw material and fuel costs, and a narrowed price spread between procurement and sales.
