Shanghai-listed Guangzhou Iron and Steel Co Ltd released its semi-annual report on Thursday, which showed a loss of 129 million yuan ($20.00 million) during the first half of this year, deeper than last year's overall loss of 97.89 million yuan.
A planned purchase of the company by Baosteel fell through late last year. Currently, Guangzhou Guangri Stock Co Ltd, an elevator producer, plans to buy the company to achieve a backdoor listing. The plan has been approved by the shareholders of both companies.
Guangri earned a profit of 240 million yuan last year, up 28.02 percent year-on-year. It is expected to generate a profit of more than 300 million yuan this year.