On January 31, Shandong Province-based Shandong Iron and Steel Co. issued its anticipated financial results for 2012.
Accordingly, Shandong Steel has estimated a net loss of RMB 3.57 billion ($568 million) for 2012, compared to a net profit of RMB 583.9 million in 2011.
The company stated that its profitability was negatively impacted by lower steel prices, higher raw material costs, weak steel market demand and the overcapacity of Chinese steelmakers.
Source:
http://www.steelorbis.com/steel-news/latest-news/shandong-steel-indicates-net-loss-of-rmb-357-billion-for-2012-738621.htm
