As of July 21, 26 steelmakers had released their business results in the first half of this year with an estimated loss of 8.64 billion yuan, down 124.55 percent year-on-year. 12 of them warned a possibility of gaining less income and 14 others predicated a loss. The 26 mills recorded a net loss of 3.51 billion yuan in the first quarter and 5.12 billion yuan in the second quarter. Weak demand, overcapacity, steep falls in both sales and prices are said to be responsible for the decline.