Fujian Province-based Chinese steelmaker Sangang Minguang Co. Ltd has announced an estimated net loss of RMB 164-291 million ($26-46 million) for 2012. In the first three quarters of last year, the company’s net loss had totaled RMB 266 million ($42 million).
In addition, Sangang Minguang has announced that as of January 1, 2013 the depreciation period for its metallurgical equipment will increase by three years, from 10 to 13 years. Accordingly, in 2013 the adjustment of the fixed asset depreciation period will contribute to a decrease of RMB 166 million ($26 million) in fixed asset depreciation and an increase of RMB 141 million ($22 million) in the net profit for the year.