Valin Steel (000932.SZ), based in central China's Hunan Province, has forecast it could incur a loss of 750 million yuan to 1.15 billion yuan during the third quarter of this year, compared to the 24.05 million yuan profit in the same period of 2014.
The company estimated it would lose 900 million yuan to 1.3 billion yuan during the first three quarters of this year, compared to the 43.06 million yuan profit in January-September 2014.
Steel prices kept sinking to fresh lows amid the sluggish demand at home and abroad, while the iron ore prices kept relatively stable in July-September, Valin explained.
Meanwhile, the depreciation of RMB led to exchange losses for the company and its auto plate joint venture remains at an early stage of operation, Valin added.
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