Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co. has issued its financial results for 2012.
Accordingly, in 2012 Nanjing Steel registered an operating revenue of RMB 32.079 billion ($5.1 billion), down 16.82 percent year on year. In addition, it recorded a total operating loss of RMB 933.8112 million ($149 million) for the year, while it saw a net loss of RMB 566.341 million ($90 million) compared to a net profit of RMB 325 million in 2011.
The sharp decline in steel sales prices in 2012 was the main reason for the net loss recorded by Nanjing Steel.