Henan Province-based Chinese steelmaker Anyang Iron and Steel Co., Ltd. (Anyang Steel) has announced that its net loss amounted to RMB 1.181 billion ($0.17 billion) in the January-June period this year, compared with a net profit of RMB 38.0583 million recorded in the same period last year.
In the given period, Anyang Steel registered an operating revenue of RMB 14.919 billion ($2.2 billion), down 3.84 percent year on year.
According to Anyang Steel, declining finished steel prices and relatively high raw material costs squeezed the company's profitability.
However, in the April to June period, the company's net loss shrank to RMB 493 million compared to the net loss of RMB 688 million in the first three months, signaling some improvement in its operating performance.
Meanwhile, the company said some of its high value-added special steel products have already achieved stable mass production, which may help offset the weak performance of ordinary steel products in the future.
