Shougang Co. posts net loss of RMB 349.43 million for H1

Beijing-based Chinese steelmaker Shougang Co., Ltd has issued its financial results for the first half of the current year.
 
In the given period, Shougang achieved an operating revenue of RMB 5.605 billion ($884 million), down 13.89 percent year on year, while it recorded a net loss of RMB 349.43 million ($55.1 million) compared to a net profit of RMB 305.76 million in the same period last year.
 
In the first half of this year, Shougang Co., produced 1,166,800 mt of finished steel, up 2.98 percent year on year, including 913,100 mt produced by its subsidiary Beijing Shougang Cold Rolled Sheet Co., increasing by 4.57 percent on year-on-year basis.
 
Shougang foresees a net loss in the third quarter in the range of RMB 29.94-70.57 million ($4.7-11.1 million), compared to net loss of RMB 143 million in the same period last year.