Vancouver, British Columbia-based Yalian Steel Corporation, a producer of longitudinally submerged arc welded (LSAW) steel pipe for Asia's growing energy transportation infrastructure market, reported a net loss of C$292,000 (US$297,747) for the quarter ended June 30, 2011. Net loss for the nine months ended June 30, 2011 was C$1.2 million (US$1.22 million). The net losses resulted from extremely high costs of sales, which were extremely close to net revenues totals in both the quarter and the nine months ended June 30.
Total sales orders manufactured and delivered amounted to 11,434 metric tons for the three months ended June 30, 2011, as compared to 9,243 for the three-month period ended March 31, 2011 and 4,130 metric tons for the first three months ended December 31, 2010.
Additionally, Yalian Steel said that the new anti-corrosion coating line is progressing well, with the plant building now completed and the installation of the production line scheduled to begin shortly. Total cost of the project is estimated to be approximately C$8 million (US$8.16 million) and completion is expected to be September 2011.