Apr. 16, 2012 (China Knowledge) - Angang Steel Co Ltd<000898
>, 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.