Hunan Province-based Chinese steelmaker Hunan Valin Iron and Steel Group Co. has issued its financial results for the January-September period of this year, indicating a net loss of RMB 2.52-2.58 billion ($389-408 million).
Meanwhile, Valin Steel’s estimated net loss in the third quarter of this year totaled RMB 1.215-1.275 billion ($192-201 million), compared to RMB 1.305 billion ($206 million) in the first half. The company stated that in the first three quarters of the current year its gross profit margin decreased sharply due to declines in steel sales prices and weak market demand influenced by the economic situation in China and worldwide.