Chinese steelmaker Shougang (000959.SZ) forecast it could lose 522.87 million to 622.87 million yuan during the first three quarters of this year, compared to a profit of 10.79 million yuan in the same period of 2014, the firm said on late Thursday.
The firm expected to have incurred a loss of 300 million to 400 million yuan in the third quarter alone, compared to a profit of 1.43 million yuan in the third quarter of 2014. The steelmaker attributed the losses to much lower steel prices and a shrinking demand, which was worsened in the third quarter.
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