Beijing-based Chinese integrated steel trading and logistics services provider Minmetals Development Co. Ltd has issued its financial results for 2012, indicating a net loss of RMB 350 million ($56 million), compared to a net profit of RMB 538 million ($86 million) in 2011.
Minmetals Development Co. had previously posted a net loss of RMB 519 million ($83 million) for the first three quarters of 2012, while it had anticipated a net profit of RMB 169 million ($27 million) for the last quarter of the year.
The company stated that its profitability in 2012 was negatively impacted by weak steel market conditions.