Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan), a subsidiary of Guangdong Province-based steel producer Shaoguan Iron and Steel Co., Ltd (SGIS), has stated that it expects to record a net loss of RMB 1.6 billion ($0.25 billion) for the January-September period of the current year, compared to the net loss of RMB 860 million recorded in the same period last year.
SGIS Songshan stated that slack demand from downstream users in the steel market and the devaluation of the Chinese currency have contributed to the declining trend of finished steel prices, which caused the company to incur a loss.