Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced that in the January-September period of the current year it recorded an operating revenue of RMB 17.48 billion ($2.75 billion), down 25.89 percent year on year, with a net loss of RMB 1.325 billion ($0.21 billion) compared to a net profit of RMB 800 million in the same period of 2014.
Baogang stated that slack demand from downstream users and the continuous declining trend of finished steel prices caused it to incur a net loss in the given period.