On January 31, Anhui Province-based Chinese steelmaker Ma’anshan Iron and Steel Co. (Masteel) issued its anticipated financial results for 2012.
Accordingly, Ma’anshan Steel has estimated a net loss of RMB 3.72-3.95 billion ($600-637 million) for 2012, compared to a net profit of RMB 69.578 million in 2011, with an estimated loss per share of RMB 0.48-0.51 ($0.077-0.082) in 2012, compared to earnings per share of RMB 0.009 in 2011.
Masteel stated that, despite its efforts to reduce costs, its profitability in 2012 was negatively impacted by lower steel prices and higher raw material costs amid weak steel market conditions, while it also faced many challenges linked to the debt crisis in the West and domestic macroeconomic issues.