July 6 (Reuters) - 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 exchange.
“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 Merriman)