Reuters reported that Fosun International China top private conglomerate expected 2011 profit at its Nanjing Iron & Steel subsidiary to fall more than 50%.

Nanjing Iron & Steel's net profit for 2010 was around CNY 919 million.

Pharmaceutical-to-mining conglomerate Fosun said Nanjing Iron & Steel suffered a fourth-quarter loss due to reduced steel demand and a fall in steel prices greater than the decrease in raw material costs.

(Sourced from Reuters)