On January 22, Liaoning Province-based Chinese steelmaker Lingyuan Iron and Steel Co. announced that according to its preliminary estimates its net profit for 2012 decreased by over 70 percent year on year. In 2011, the company’s net profit had totaled RMB 156 million ($25 million).

Lingyuan Steel stated that in 2012 its profits were negatively impacted by the sluggishness of the steel market despite its efforts to reduce production costs.