On April 27, Chinese steel producer Panzhihua New Steel and Vanadium Company Ltd. issued its financial report for 2008.
Due to the slump in steel prices, Panzhihua Steel Vanadium registered a loss of nearly RMB 1 billion ($150 million) during the fourth quarter of 2008, resulting in an overall loss for the whole year of RMB 454 million ($70 million).
Meanwhile, Panzhihua Steel Vanadium also released its report for the first quarter of this year, posting a loss of RMB 161 million ($20 million).