Liaoning Province-based Chinese steel producer Lingyuan Iron and Steel Co. (Lingyuan Steel) has released its preliminary financial results for 2011.
Accordingly, Lingyuan Steel has indicated that its net profit has declined by over 50 percent in 2011, from its net profit of RMB 596 million ($94.6 million) in 2010. The company cited high costs and the overall poor economic environment as factors contributing to lower profits in the steel industry in 2011.