26
Jun
01:00
Shaoguan tinkers with depreciation as losses mount
Southern China’s Shaoguan Iron and Steel (Shaogang) says it will change its accounting from 1 July in a move that will cut its reported losses. The move is unlikely to reverse the mill’s financial decline however after it saw mounting losses at the start of 2015, Kallanish notes.
Shaogang, part of Baosteel, will extend the depreciation period for buildings, furnace-related machinery and equipment and office equipment, meaning it will be…
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Anonymous
Very good overview of the weekly steel market.
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