Valin Steel registers net loss of RMB 387 million in Q1

On April 28, Hunan Province-based Chinese steel producer Valin Steel issued its report for the first three months of the current year, announcing the Q1 sales revenues of RMB 10.272 billion ($1.51 billion), down eight percent year on year. Meanwhile, the company suffered a net loss of RMB 387 million ($60 million) for the quarter in question, up 46.56 percent from the net loss of RMB 263 million in the first quarter of 2008. In its 2008 annual report, Valin Steel had posted a net loss of RMB 288 million ($40 million) for the fourth quarter of 2008.