July 6 China's Angang Steel Co Ltd
said on Friday it expects to record a net
loss of around 1.976 billion yuan ($309 million) in the first
half of 2012 mainly due to a significant decrease in the prices
of steel products.
In the first half of last year, Angang Steel had reported a
net profit of 220 million yuan, based on audited figures, the
Chinese firm said in a statement on the Hong Kong stock
"The estimated loss of the company for the six months ended
30 June 2012 is primarily due to a substantial decrease of over
12 percent in the price of steel products in comparison with the
same period in the previous year," it said.
"As a result, the earnings of the company had decreased
significantly despite the efforts made by the company on cost
reduction and control."
(Reporting by Lee Chyen Yee in Hong Kong. Editing by Jane