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Angang Steel expects Q1 loss to hit RMB 1.89 bln

Apr. 16, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, has said that it expected it would suffer a loss of RMB 1.89 billion in the first quarter of this year, due to a significant decline in steel prices.

The steel producer booked a net profit of RMB 71 million in the first quarter of 2011.

In 2011, the company recorded a loss of RMB 2.15 billion, whereas it earned RMB 2.04 billion in 2010.

China's Hunan Valin Steel Co Ltd<000932> also forecasts a larger loss of between 690 million and RMB 730 million for the first quarter, and SGIS Songshan Co Ltd<000717>, a subsidiary of Guangzhou-based Shaoguan Iron & Steel Group Co Ltd, expected its loss to reach RMB 330 million in the period.

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