Zhejiang Province-based Chinese steelmaker Hangzhou Iron and Steel Co. has issued its financial results for 2012, announcing a net loss of RMB 379 million ($60 million) compared to net profit of RMB 299.8 million in 2011. In 2012, the company's operating revenue totaled RMB 17.133 billion ($2.7 billion), down 23.26 percent year on year.

Hangzhou Steel's profitability last year was negatively impacted by a lower finished steel sales volume, declines in steel sales prices and higher raw material costs.