Hunan Province-based Chinese steelmaker Valin Steel has announced its financial results for the first quarter of the current year.
In the January-March period, Valin Steel incurred a total net loss of RMB 713 million ($113.17 million), as compared to a net loss of RMB 199 million in Q1 2011. In the given quarter, Valin Steel's earnings per share stood at minus RMB 0.2365 ($0.0375). Its total operating revenue in the first quarter this year came to RMB 15.95 billion ($2.53 billion), down 10.99 percent from the corresponding quarter of 2011.