Chinese steelmakers Shaoshan Steel Songshan, Anshan Steel Corporation, Valin Steel Group and Shougang Group have all released their estimated financial results for the first quarter of the current year.
For the first quarter, Shaoshan Steel Songshan and Anshan Steel Corporation have reported estimated gross losses of RMB 330 million ($52.38 million) and RMB 1.888 billion ($299.68 million) respectively, while Valin Steel Group's anticipated gross loss is in the range of RMB 690-730 million ($109.52-115.87 million). At the same time, Shougang Group has reported a gross loss of RMB 167 million ($26.5 million) for Q1 2012. Making a conservative prediction, the aggregate gross loss of the four steelmakers for the first quarter may reach up to RMB 3 billion ($476.19 million).