Apr. 19, 2012 (China Knowledge) - Maanshan Iron & Steel Co Ltd<600808
>, a leading Chinese steelmaker, announced yesterday that it suffered a loss of RMB 468 million in the first quarter of this year, whereas it earned RMB 106 million in the same period of 2011.
The company said that the huge loss was due to a larger decline in steel prices than the drop in raw material costs.
The steel maker realized RMB 19.50 billion in operating revenue in the first three months, 4.93% less than in the same period of 2011.
Maanshan Iron & Steel produced 4.09 million metric tons of crude steel in the period, reflecting a year-on-year growth of 6.51%. The output of iron and steel products was 4.09 million metric tons and 3.91 million metric tons in the quarter, up 12.67% and 8.31% year on year, respectively.
The company earlier reported a net profit of RMB 69.58 million for 2011, 93.68% less than in 2010.
Angang Steel Co Ltd<000898
>, has said that it expected it would suffer a loss of RMB 1.89 billion in the first quarter, China Knowledge reported earlier