On May 3, Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel Co., Ltd. (Liuzhou Steel) issued its financial report for the first quarter this year, announcing that in the given period its operating revenue amounted to RMB 22.96 billion ($3.5 billion), up 30.4 percent year on year, while it achieved a net loss of RMB 512 million ($78 million), shifting from a net profit in the fourth quarter last year.
The company stated that decreasing steel prices contributed to the loss in the given period.