Valin Iron & Steel earnings plunge

Valin Iron & Steel suffered a huge net loss for 2012 of 3.25 billion yuan ($523.9 million), amid a nationwide downturn in iron and steel throughout the year, the company said in its annual report Sunday.

The Hunan-based enterprise swung into loss from a net profit of 70 million yuan in 2011, a decrease of 4740.21 percent year-on-year, as its production and sales fell, according to the report. Its net profit decline was among the top three largest drops recorded by State-owned mills in 2012.

Valin said 95 percent of its 2012 revenues stemmed from sales of iron and steel.

The firm said its operating revenue for 2012 totaled 59.3 billion yuan, down 19.7 percent year-on-year and falling over 12 billion yuan short of its goal of 71.4 billion yuan.