Chinese steel producer Shougang Corporation has announced its financial report for 2011. Accordingly, in the year in question the net profit of the company totaled RMB 13 million ($2.06 million), down 96 percent year on year, while its earnings per share (EPS) amounted to RMB 0.0044 ($0.0007).
The reasons for the strong drop in net profit included the significant decrease in cold rolled steel sheet prices in the fourth quarter, which negatively affected Shougang Cold Rolled Sheet Co., while the restructuring of Shougang Qianan Steel has not yet been completed and so its results have not yet been entered on Shougang Corp.’s balance sheet.