Weak demand pummels steel companies' finances

Listed Chinese iron and steel companies reported wide-ranging losses in the first three quarters against the backdrop of sluggish demand and renminbi depreciation.

As of last Wednesday, five of the 11 listed iron and steel companies that had released the third-quarter financial results, reported collective net loss of 5.6 billion yuan ($881 million), compared with a collective net profit of 1.4 billion yuan during the same period last year.

Another six listed iron and steel companies have released forecasts, projecting losses from 4.5 billion yuan to 5.4 billion yuan.