Hebei Province-based Chinese steelmaker Tangshan Songting Iron and Steel Co., Ltd. (Tangshan Songting Steel) has announced that it has formally halted production, becoming the second private sector domestic steel enterprise with an annual capacity of 5 million metric tons to halt production this year, after Shanxi Haixin Iron and Steel Group Co.
In the January-September period of the current year, Tangshan Songting Steel had recorded a net loss of RMB 474 million ($74.20 million), with a liability to assets ratio of 161.37 percent, against the background of slack demand in the domestic finished steel market and the ongoing declining trend of finished steel prices.