Guangzhou, Guangdong Province-based Chinese steelmaker Guangzhou Iron and Steel Co. (Guangzhou Steel) has announced that in 2011 its operating revenue totaled RMB 6.181 billion ($981 million), down five percent as compared to RMB 6.51 billion ($1.03 billion) in 2010. Meanwhile, Guangzhou Steel registered a net loss of RMB 689.21 million ($109.4 million) in 2011, compared to a loss of RMB 98.3145 million ($15.61 million) in 2010.
Guangzhou Steel stated that the domestic steel industry continued to be characterized by sluggishness in 2011, while iron ore prices remained at high levels, resulting in higher costs, with profit margins declining significantly.