Zhejiang Province-based Chinese steelmaker Yongxing Special Stainless Steel Co. (Yongxing Special Steel) has announced in a preliminary annual report that in 2015 its operating revenue totaled RMB 3.36 billion ($0.51 billion), down 16.39 percent year on year, with a net profit of RMB 222 million ($33.74 million), declining by 16.08 percent year on year.
Yongxing Special Steel stated that slowing economic growth and overcapacity in China and slack demand in the domestic steel industry were the main reasons for the declining trend of finished steel prices, which squeezed the company’s profitability.