Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced that in the January-September period of the current year it recorded an operating revenue of RMB 7.291 billion ($1.15 billion), down 36.59 percent year on year, with a net loss of RMB 409 million ($64.41 million), compared to a net profit of RMB 5.0578 million in the same period of 2014.
Hangzhou Steel stated that the overall slack demand in the finished steel market and rapid decreases in finished steel prices caused the company to incur a loss in the given period.