Liaoning Province based Chinese steel producer Lingyuan Iron and Steel Company has released its preliminary financial results for 2011.

Accordingly, Lingyuan Steel has indicated that its net profit has declined by over 50% in 2011 from its net profit of CNY 596 million in 2010. The company cited high costs and the overall poor economic environment as factors contributing to lower profits in the steel industry in 2011.

(Sourced from Steel Orbis)
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