Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) has stated that it expects to record a net loss in the range of RMB 523-623 million ($82.2-98.0 million) for the January-September period of the current year, compared to the net profit of RMB 10.79 million recorded in the same period last year. In particular, the company expects a net loss in the range of RMB 300-400 million ($47.2-62.9 million) for the third quarter this year, compared to the net profit of RMB 1.43 million recorded in the same period of 2014.
Shougang stated that slack demand from downstream users and the continuous declining trend of finished steel prices have caused the company to incur a loss.