On January 29, Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Co., Ltd issued its financial results for 2012. Accordingly, Liuzhou Steel has posted an estimated net profit of RMB 121 million ($19 million) for 2012, down 66.59 percent compared to RMB 362 million in 2011. Meanwhile, the company achieved operating revenues of RMB 37.276 billion ($5.9 billion) in 2012, down 12.07 percent year on year. The company's profits for 2012 were negatively impacted by lower steel prices and higher raw material costs, amid weak steel market conditions