Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO) has stated that it expects to record a net loss in the range of RMB 900 million-1.1 billion ($141.7-173.2 million) for the January-September period of the current year, compared to the net profit of RMB 999 million recorded in the same period last year.
WISCO stated that slack demand from downstream users, the ongoing declining trend of finished steel prices and the devaluation of the Chinese currency caused it to incur a net loss in the given period.