China steelmakers expecting weaker results

Feb 01, 2013 | 11:38 AM |

Tags  China steelmakers, Hebei Iron & Steel, Anshan Iron & Steel, Magang, earnings results

SHANGHAI — Three of China’s biggest steelmakers have warned that they expect poor 2012 earnings, blaming weak demand and lower steel prices amid China’s economic slowdown last year.

Hebei Iron & Steel Group Co. Ltd. said its net profit could drop by as much as 99 percent, while Anshan Iron & Steel Group Corp. and Magang (Group) Holding Co. warned of net losses.....

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