Henan Province-based Chinese steelmaker Anyang Iron and Steel Group (Angang) has issued its financial results forecast for the first quarter of the current year.
Accordingly, Angang expects a net loss of RMB 1.888 billion ($298 million) for the first quarter of this year. The weakness of steel prices contributed to the loss in question.
Angang posted a loss of RMB 2.16 billion for 2011, citing increases in raw material and fuel prices which exceeded the rise in prices of steel products.