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Angang Steel suffers RMB 2.15-bln loss in 2011

Mar. 28, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, announced yesterday that it booked a loss of RMB 2.15 billion last year, whereas it earned RMB 2.04 billion in 2010.

Losses per share were RMB 0.297 in 2011. The steel maker attributed the huge loss to larger increases in the prices of raw materials and fuels than rises in prices of steel products as well as a decline in sales volume.

The company's operating revenue fell 2.17% year on year to RMB 90.42 billion last year.

steel maker SGIS Songshan Co Ltd<000717>, a subsidiary of Guangzhou-based Shaoguan Iron & Steel Group Co Ltd, yesterday reported a loss of RMB 1.14 billion for 2011. The firm's operating revenue jumped 21.44% year on year to RMB 22.87 billion in the period.

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