Chinese listed steelmakers flag losses at home, raising export urgency

HONG KONG -- Chinese steelmakers suffering from weak domestic demand are racking up losses, earnings previews show, underscoring their desperation to export just as the U.S. moves to close import loopholes through Mexico and Canada.

Maanshan Iron & Steel, a manufacturer dually listed in Hong Kong and Shanghai, announced Wednesday night that it expects a net loss of 1.14 billion yuan ($157 million) for the first six months of this year. That would be about half the loss it reported for the same period a year ago, but board secretary Ren Tianbao stressed in the disclosure that the company "has not yet achieved a turnaround."