Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., a subsidiary of Guangdong-based Chinese steel producer Shaoguan Iron and Steel Co. (Shaogang), has announced its preliminary financial results for 2011. Accordingly, in 2011 SGIS Songshan incurred an estimated net loss of RMB 1.17 billion ($185 million) based on the preliminary data.
As regards the loss registered in 2011, SGIS Songshan cited the significant drop in steel prices in the fourth quarter as the main factor.