OREANDA-NEWS.  May 03, 2012. Baotou Steel, Shougang and Wuhan Steel unveiled their net profits in the first quarter slumped by 89 percent, 97 percent and 93 percent in annual terms to 10.77 million yuan, 11.78 million yuan and 43.06 million yuan respectively.

Valin Steel, Ansteel and SGIS Songshan even warned of major losses in the first quarter. Ansteel predicated a loss of 1.89 billion yuan, or minus 0.261 yuan in earnings per share, for the quarter following it incurred a total loss of 2.15 billion yuan last year.

Ansteel operating revenue was 18.89 billion yuan, down 16.4 percent from a yea earlier; and operating cost was 21.56 billion yuan, down 4.95 percent.