Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has stated that it expects to record an estimated net loss of RMB 888 million ($140.1 million) for the January-September period of the current year, compared to the net profit of RMB 923 million recorded in the same period last year. The company also expects a net loss of RMB 1.043 billion for the third quarter of the year, compared to a net profit of RMB 346 million in the same period of 2014.
Ansteel stated that the accelerating declining trend of finished steel prices in the third quarter of the year amid relatively stable prices of raw materials has contributed to the company’s loss.