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Chinese SGIS posts net losses in 2011
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Shaoguan Iron and Steel Group (SGIS), 51% owned by Chinese steel giant Baosteel announced its 2011 financial result.
According to the financial report, the company suffered from the huge losses in 2011, mainly from the losses in the Q4, 2011.
SGIS posted a net loss of RMB1.138 billion in 2011, in comparison of the net profits of RMB20.94 million in 2010.
The company stated that the surged input costs squeezed the steel enterprises’ profits severely.
The price rise of raw material has exceeded the price hike of steel products since last Q4. As a result, the steelmakers have been suffering from the losses.
News Date
3/28/2012 8:33:19 AM
reported by
Ruth Wang
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