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Angang Steel expects RMB 2.15-bln loss for 2011

Feb. 1, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, has said that it expected to suffer a loss of RMB 2.15 billion in 2011.

The company said in a statement filed with the Shenzhen Stock Exchange that losses per share were RMB 0.297 last year.

In 2010, the steel maker earned a net profit of RMB 2.04 billion, and basic earnings per share were RMB 0.282.

Angang Steel said that the huge loss was mainly due to a loss in the fourth quarter as a result of sharp decrease in steel prices and higher cost of raw material and fuel.

The company said earlier that its net profit was RMB 2.39 million in the first nine months of last year, 90.71% less than in the same period of 2010.

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