On January 31, Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co., Ltd issued its preliminary financial results for 2012.
Accordingly, Hebei Steel has posted an estimated net profit of RMB 13.8-345.7 million ($2.2- 55 million) for 2012, down 75-99 percent compared to its net profit of RMB 1.383 billion in 2011.
Hebei Steel’s profits for 2012 were negatively affected by lower steel prices and higher raw material costs, amid weak steel market conditions.