Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co., Ltd. has announced that it registered an operating revenue of RMB 10.378 billion ($1.5 billion) in the January-March period this year, down 15.88 percent year on year, while posting a net loss of RMB 1.071 billion ($0.16 billion) for the given period, compared to a net loss of RMB 766 million recorded in the same period of last year.
The widening net loss of Benxi Steel Plate in the first quarter is essentially a triple squeeze from contracting revenue, rising financial costs and increased asset impairment, compounded by the downturn in the steel industry. The company failed to find an effective path to restore its profitability in the given period.
