Major Chinese steelmaker Wuhan Iron and Steel Corporation (WISCO) has said that it expects a net profit of RMB 3 billion ($476 million) for 2012, compared to its total net profit of RMB 3.5 billion ($556 million) in 2011.
In addition, WISCO has also said that it anticipates a sales revenue figure for 2012 of RMB 230 billion ($36.5 billion). 2012 is expected to be a difficult year for the global steel industry, and especially for WISCO which is suffering from short supply of iron ore and high transportation costs, according to the company statement.