Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group (Anshan Steel) has announced its preliminary financial results for 2011.
Accordingly, in 2011 Anshan Steel incurred an estimated net loss of RMB 2.151 billion ($341.4 million) based on its preliminary data. Meanwhile, the average earning per share (EPS) of the group was minus RMB 0.297 ($0.047).
In 2010, the net profit of Anshan Steel totaled RMB 2.039 billion ($323.7 million), with an EPS of RMB 0.282 ($0.045). As regards the loss registered in 2011, Anshan Steel cited high raw material and fuel costs as the main factors. In the fourth quarter of 2011, steel prices fell significantly, while raw material and fuel costs remained at high levels. During the first nine months of 2011, Anshan Steel’s net profit totaled RMB 239 million ($37.9 million), but it incurred an estimated net loss of RMB 2.39 billion ($379.4 million) in the fourth quarter of the year.