WISCO posts net loss of RMB 7.515 billion for 2015

Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO) has announced in its annual report that in 2015 it registered an operating revenue of RMB 58.338 billion ($8.98 billion), down 41.29 percent year on year, with a net loss of RMB 7.515 billion ($1.16 billion) compared to a net profit of RMB 1.257 billion in 2014.

WISCO stated that slowing economic growth in China, slack demand from downstream users and the ongoing declining trend of finished steel prices caused it to incur a loss in the given year.