Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co. (Masteel) has announced that it expects its net profit for 2011 to decline by more than 50 percent year on year.
In 2010, Masteel registered a net profit of RMB 1.102 billion ($174 million), with earnings per share of RMB 0.143 ($0.026).
Masteel has stated that the main reasons for the anticipated fall in its net profit in 2011 are weaker prices in the steel market, especially the price declines seen in the fourth quarter, and the higher prices of raw materials such as iron ore.