SGIS Songshan Incurs Huge Losses in 2011
OREANDA-NEWS. April 02, 2012. SGIS Songshan, with Baosteel as its controlling shareholder, posted a net loss of 1.14 billion yuan last year, compared with a profit of 20.94 million yuan a year earlier.
Much of the losses occurred in the final quarter when raw materials costs were rising more rapidly than the prices of steel products.
Domestic medium-large steelmakers reported a total loss of 2.32 billion yuan in January. Analysts estimated the loss to mitigate in February and perhaps disappear in March thanks to the mills ability to constantly raise their quotations.
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