Anhui Province-based Chinese steelmaker Masteel has announced that it expects to register a net profit of RMB 1.113 billion ($0.16 billion) for 2019, declining by 81 percent year on year.
Masteel stated that the declines in finished steel prices together with increases in raw material prices exerted a negative impact on its net profit in the given period.
In the first nine months of 2019, the company had registered 73.77 percent year-on-year decline in net profit, which means that the fourth quarter was still unfavorable for the producer.