On January 31, Beijing-based Chinese steelmaker Shougang Co., Ltd issued its preliminary financial results for 2012.

Accordingly, Shougang has posted an estimated net loss of RMB 300-400 million ($48-64 million) for 2012, compared to a net profit of RMB 11.78 million in 2011.

The company’s profitability in 2012 was negatively impacted by lower steel prices and higher raw material costs amid weak steel market conditions.

Meanwhile, its investment income in 2012 also fell sharply.