HONG KONG Jan 30 (Reuters) - China's Angang Steel Company Limited on Monday estimated it would record a net loss of around 2.2 billion yuan ($347 million) for 2011, in an announcement made to the Hong Kong Stock Exchange.
The company said the loss was due to an increase in the prices of raw materials and fuels, which exceeded the increase in the price of steel products, and because certain furnaces were suspended from production for a time for repair and maintenance.
Because of this, Angang Steel said it recorded a fourth quarter loss and as a result of that, a loss for the full year.
In October the company forecast a net profit of 239 million yuan for January to September, down from 2.57 billion yuan in the same period a year earlier. ($1 = 6.339 Chinese Yuan)