Shandong Province-based Chinese steel producer Shandong Iron and Steel Co., Ltd (Shandong Steel) has announced that its net loss in 2023 is expected to reach RMB 370-450 million ($52.0-63.4 million), shifting from a net profit of RMB 555 million ($80.8 million) recorded in 2022.
The company stated that China’s steel industry experienced a tough year in 2023 amid high raw material prices and sufficient supply in the market. Though the company strove to reduce production costs and improve operations, it still posted a net loss in the given year.