According to the annual reports of 12 public steel companies in China, 5 steel company's annual loss together had reached RMB11.454 billion (US$1.85 billion).
The 5 steel companies are Angang, Magang, Anyang Steel, ST Shaogang and Chongqing Steel, in 2011, only Angang, Chongqing Steel and ST Shaogang took loss.
Due to the overcapacity of China steel industry as well as cost flying, in 2012, the net profit fall of Shandong Steel, Valin Steel and Shougang were respective 6858%, 5777% and 4805%.