Zhejiang Province-based Chinese steelmaker Hangzhou Iron and Steel Group Co.(HISGC) has issued its financial results for the first half of the current year, announcing an estimated net loss of RMB 106 million ($16.7 million).
The company stated that its profits in the first half of this year were negatively impacted by weak downstream market demand and sharp decreases in steel sales prices amid sluggish steel market conditions, despite its efforts to optimize product structure and reduce production costs.