Angang Steel warns of loss

The warning is based on a substantial decrease of approximately 14% in the price of steel products.

In an announcement, Angang Steel Company Limited said it estimates a net loss of approximately RMB3,170 million for the nine months ended 30 September 2012.

As a result of the price drop in comparison with the same period in the previous year, the earnings of the company decreased significantly despite strong efforts on cost reduction and control.