On October 29, Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) announced that in the January-September period of the current year its operating revenue totaled RMB 9.612 billion ($1.51 billion), down 27.82 percent year on year, with a net loss of RMB 648 million ($102.05 million) compared to a net loss of RMB 18.948 million in the same period of 2014. In the third quarter of the year, the company recorded an operating revenue of RMB 3.042 billion ($0.48 billion), decreasing by 26.83 percent year on year, with a net loss of RMB 379 million ($59.69 million) compared to a net profit of RMB 24.2963 million in the third quarter of 2014.
In addition, the company stated that it expects to record a net loss in the range of RMB 706.19-722.16 million for whole of 2015. It said that the continuous downtrend of finished steel prices against the backdrop of the overall sluggishness in China’s domestic steel industry has contributed to the increase in its loss.