Yalian Steel posts second year of losses

Dec 22, 2011 | 06:05 PM | Michael Cowden

Tags  Yalian Steel, earnings, fiscal 2011, fourth quarter, KPMG, steel pipe, line pipe, China CNPC

TORONTO — As losses mount at Yalian Steel Corp., both the line pipe maker and its independent auditor, KPMG LLP, have raised questions about its ability to continue as a "going concern," according to company documents.

Vancouver, British Columbia-based Yalian, which has production operations in Yangzhou, China, recorded another net loss in its fiscal 2011 after losing money in the previous fiscal year as well, according to an earnings statement released Thursday.

The company said in a footnote to its annual financial filings with the Canadian Securities Administrators that it "incurred significant losses and cash flow deficiencies" in both fiscal years due to capital expenditures and start-up costs.....

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