Major Chinese steelmaker Liaoning Province-based Anshan Iron and Steel (Ansteel) has announced that its net loss is expected to amount to RMB 2.047 billion ($0.3 billion) in the first six months this year, with the loss increasing by 83.59 percent year on year compared to a net loss of RMB 1.115 billion recorded in the same period last year.
The company stated that the oversupply in the steel industry, declining finished steel prices, rising coking coal and coke prices, and firm iron ore prices led to the company’s loss in the given period.
