Beijing-based Chinese steelmaker Shougang Co., Ltd has issued its final financial results for 2012.
Accordingly, Shougang has posted an operating revenue of RMB 10.1 billion ($1.6 billion) for 2012, down 19.28 percent year on year, while it recorded a net loss of RMB 357 million ($57 million) for the year in question, compared to a net profit of RMB 11.78 million in 2011.
The company's profitability in 2012 was negatively impacted by lower steel prices and higher raw material costs amid weak steel market conditions.
Meanwhile, the company has also estimated a net loss of RMB 160-170 million ($26-27 million) for the first quarter of the current year.
Source:
http://www.steelorbis.com/steel-news/latest-news/shougang-co-posts-net-loss-of-rmb-357-million-for-2012-752834.htm
