Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has issued its estimated financial results for 2012, announcing a total net loss of RMB 4.16 billion ($662 million), compared with a net loss of RMB 2.146 billion in 2011.

Ansteel stated that in the first three quarters last year it posted a large net loss due to lower steel prices and higher raw material costs amid weak steel market conditions. Its efforts in the fourth quarter were still unable to change the overall net loss situation for 2012.