On August 23, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co., Ltd (Masteel) announced its results for the first half of the current year.

Accordingly, Masteel’s operating revenues for the period in question amounted to RMB 36.953 billion ($ 5.99 billion), down 8.95% year-on-year, while it registered a net loss of RMB 330 million ($ 53.48 million), indicating a significant improvement from the net loss of RMB 1.893 billion recorded in the first half last year.

During the period in question, Masteel produced 6.71 million mt of pig iron, 6.94 million mt of crude steel and 6.62 million mt of finished steel, up 2.6%, 5.15%, and 4.25% year-on-year, respectively. Meanwhile, in the same period the steelmaker’s parent company Masteel Group produced 8.79 million mt of pig iron, 8.99 million mt of crude steel and 8.7 million mt of finished steel, up 3.41%, 4.9% and 6.75% year-on-year, respectively.

Masteel stated that in the first half of the current year growth in the main steel consuming industries indicated a slowdown, pulling down both steel demand and steel prices, while iron ore prices were at high levels in the first half. The company still recorded a loss in the given period despite its efforts to improve efficiency and lower costs.