The company said in a statement that it had to scale down production at four of its smaller blast furnaces to reduce costs in October. However, higher raw material prices and the write down of inventory to net realizable value in the fourth quarter offset the cost savings.
The company said that despite the worsening operating environment, it has sufficient financial resources to meet its working capital requirements.
The company remains confident about the long-term potential of the steel industry in China. It will seek to gradually increase utilization as the demand situation for steel products improves.
The company will announce full-year financial results by Feb 28.
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