Fujian Province-based Chinese steelmaker Sangang Minguang Co. Ltd has announced a net loss of RMB 215 million ($34 million) for 2012, compared to a net profit of RMB 253 million ($40 million) in 2011.
Meanwhile, in 2012 the company achieved an operating revenue of RMB 18.282 billion ($2.9 billion), down 5.19 percent year on year.
In addition, Sangang Minguang’s average sales price for finished steel last year decreased by 17.63 percent year on year.
The company’s profitability in 2012 was negatively impacted by the declines in steel prices and weak market demand.