Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel (Liuzhou Steel) has announced that it registered a net profit of RMB 362 million ($57.47 million) in 2011, down 42.6 percent year on year. Earnings per share amounted to RMB 0.1414 ($0.0224).
Liuzhou Steel attributed the decline in profit last year to weaker market demand and lower prices of finished steel products. In 2011, the steelmaker's operation revenues reached RMB 42.39 billion ($6.73 billion), up 14.2 percent year on year.
Meanwhile, in the first quarter of the current year Liuzhou Steel's net profit totaled RMB 10.28 million ($1.62 million), down nine percent year on year, with earnings per share of RMB 0.004 ($0.0006).