Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Group Co. (Nanjing Steel) announced on January 24 that in 2013, its net loss is predicted to reach RMB 630 million ($104 million). In 2012, the net loss was registered to be RMB 561.3258 million ($92.78 million).
Accordingly, in 2013, Nanjing Steel focused on eliminating outdated capacity, reflecting a loss of RMB 270 million ($44.6 million).