On April 7, Hunan Province-based Chinese steelmaker Hunan Valin Iron and Steel Co. issued its final financial results for 2012, indicating a net loss of RMB 3.25 billion ($518 million), compared to a net profit of RMB 70.14 million in 2011. In 2012, Valin Steel achieved an operating revenue of RMB 59.3 billion ($9.5 billion), down 19.69 percent on year-on-year basis. Last year, the company's gross operating profit margin was 1.63 percent, down 1.81 percentage points compared to 2011. In addition, in 2012 the company produced 13.54 million mt of pig iron. Meanwhile, its outputs of crude steel and finished steel in 2012 were 14.02 million mt and 13.44 million mt respectively.