Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co. (Taigang Stainless Steel) has announced that it expects to record a net loss in the range of RMB 700-800 million ($110.1-125.8 million) for the January-September period of the current year, compared to the net profit of RMB 552 million recorded in the same period last year. The company also expects a net loss in the range of RMB 764-864 million ($120.1-135.8 million) for the third quarter of the year, compared to a net profit of RMB 167 million in the same period of 2014.
Taigang Stainless stated that the declines in finished steel prices and the devaluation of the Chinese currency were the main reasons for its losses in the given period.