Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that in the January-September period of the current year it registered an operating revenue of RMB 43.295 billion ($6.81 billion), down 46.86 percent year on year, with a net loss of RMB 3.527 billion ($0.55 billion) compared to a net loss of RMB 136 million in the same period of 2014.
JISCO Hongxing Steel stated that the imbalance between supply and demand in the Chinese domestic finished steel market, the ongoing declining trend of finished steel prices and the devaluation of the Chinese currency contributed to the loss it incurred in the given period.