On January 29, Jiangsu Province-based Nanjing Iron and Steel Union Co.(NISCO) issued its anticipated financial results for 2012.

Accordingly, Nanjing Steel has estimated a net loss of RMB 580 million ($92 million) for 2012, compared to a net profit of RMB 325 million in 2011.

The company stated that in 2012 it faced many challenges, adding that its profitability was negatively impacted by lower steel prices and higher raw material prices amid weak steel market conditions.