Reuters reported that China Angang Steel Company Limited recently estimated it would record a net loss of around CNY 2.2 billion for 2011 in an announcement made to the Hong Kong Stock Exchange.

The company said the loss was due to an increase in the prices of raw materials and fuels which exceeded the increase in the price of steel products and because certain furnaces were suspended from production for a time for repair and maintenance.

Because of this, Angang Steel said it recorded a fourth quarter loss and as a result of that a loss for the full year.

In October the company forecast a net profit of CNY 239 million for January to September down from CNY 2.57 billion in the same period a year earlier.

(Sourced from Reuters)