Anhui-Province based Chinese steelmaker Ma'anshan Iron and Steel Company Limited (Masteel) has announced that its net loss is expected to amount to RMB 4.597 billion ($0.64 billion) in 2024, with the net loss increasing by RMB 3.27 billion ($0.46 billion) year on year.

In 2024, influenced by the imbalance between supply and demand in the market, steel prices were at low levels, while raw material costs were high, reducing the profit margins of the steel industry.