It is reported that Fujian Province-based Chinese steel company Sangang Minguang Iron and Steel Co subsidiary of Sanming Steel Group estimated financial results for the first three months of 2012.

In the January to March period of the current year, the net profit of Minguang Steel is expected to be in the range of CNY 0-11.56 million down by 80% YoY to 100%YoY compared to the same period last year.

The company said the estimated large decrease in its net profit is mainly due to the overall lackluster situation in the steel industry in the first quarter, ongoing low demand, reduced average sales prices of steel products on YoY basis and bad weather conditions.

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