Jiangsu Province-based Chinese stainless steel producer Wujin Stainless Steel Pipe Group Co.,Ltd has announced that its net loss is expected to amount to RMB 49 million ($7.2 million) for the January-June period this year, compared to a net profit of RMB 75.4975 million recorded in the same period last year.
The company stated that severe competition in the market led to declining product prices, while the orders the company received decreased, all of which contributed to the loss in the given period.
