Gansu Province-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has announced that in 2013 its Gansu-based subsidiary Hongxing Steel recorded an estimated net loss of RMB 2.35 billion ($385.2 million), as compared with a net profit of RMB 485 million in 2012.
JISCO stated that Hongxing Steel's net loss in 2013 was caused by ongoing weak demand in the steel market, by the weakening of steel prices and by increases in transportation costs.