Fujian Province-based Chinese steelmaker Sansteel Minguang Co., Ltd has stated that it expects to record a net loss of RMB 664 million ($93.5 million) for 2023, shifting from a net profit of RMB 139 million recorded in 2022.
The company stated that the demand from downstream users was slack in 2023, resulting in relatively low steel prices amid high levels of iron ore prices, which exerted a negative impact on the company’s performance.