Reportedly, China’s Valin Steel reported a net loss of RMB2.64 billion, which dropped by 2,302% from the previous year.
A major reason for the company’s loss was from its controlling subsidiary Valin LY Steel, which made a loss of RMB2.67 billion.
The other main reasons were because of the huge previous investments and a large proportion of bank loans resulted into a high debt ratio, which left the company sensitive to market fluctuations.
News Date 3/31/2011 5:12:18 PM reported by Cathy Tai
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