Shanghai, Jul. 6 (Reuters) - China's Angang Steel Co Ltd said on Friday it expects to record a net loss of around 1.976 billion yuan ($309 million) in the first half of 2012 mainly due to a significant decrease in the prices of steel products.
In the first half of last year, Angang Steel had reported a net profit of 220 million yuan, based on audited figures, the Chinese firm said in a statement on the Hong Kong stock exchange.
"The estimated loss of the company for the six months ended 30 June 2012 is primarily due to a substantial decrease of over 12 percent in the price of steel products in comparison with the same period in the previous year," it said.
"As a result, the earnings of the company had decreased significantly despite the efforts made by the company on cost reduction and control."