Shanxi Taigang Stainless Steel Co. (000825.SZ) has forecast that it could lose 700 million -800 million yuan during the first three quarters of this year. During the same period of 2014, the Shanxi Province-based steelmaker reaped a profit of 551.96 million yuan.
The firm estimated it could lose 763.92 million to 863.92 million yuan in the third quarter, while it earned a profit of 167.24 million yuan in Q3 of 2014. The steelmaker attributed the losses to the noticeable drop in steel prices amid the ongoing sluggishness of the steel market, and the exchange losses caused by RMB depreciation.
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