The Board of Directors of Union Steel Holdings Limited announced that after preliminary assessment of the group's unaudited financial results for third quarter and nine months of 2016, the directors deem it appropriate to issue profit guidance that the group is expected to report a net loss for third quarter and nine months of 2016. The expected net loss is mainly attributable to the following reasons: slowdown in the market demand for its steel products; and significant expenses incurred for cessation of operations in Malaysia which consist of allowance for doubtful receivables, inventory written off, property, plant and equipment written off, deposit forfeited, and others.