China Knowledge reported that Bengang Steel Plates Co Ltd which is mainly engaged in the smelting of steel and the rolling and processing of steel plates may record a loss of between CNY 1 billion and CNY 1.5 billion for the first three quarters of this year due to low steel plate prices.

According to the report, in January to September 2008 the firm realized a net profit of CNY 1.42 billion.

The company said in a statement filed with the Shenzhen Stock Exchange that steel plate prices continued at a low level amid a weak domestic market in the Q3 but that there was little decline in fuel and raw material costs.

Bengang Steel Plates based in Benxi, Liaoning Province reported a net loss of CNY 910 million for the H1 of this year. The firm operating revenue in the same period was CNY 16.46 billion down by 12.30%YoY.

(Sourced from Chinaknowledge)