Profits at China's large steelmakers fell 98% in 2012 -Assn

In a statement, the industry association said 2012 profits reported by its members, which include more than 70 large steel mills, fell to 1.6 billion yuan ($257.2 million). The largest firms account for about 80 percent of the total steel output in China, which is also the world's largest steel producer.

A few large Chinese steelmakers suffered big losses last year as slower demand growth and a rapid decline in steel prices hurt their business.

Angang Steel Co Ltd, the listed unit of China's second-largest steelmaker, Anshan Iron & Steel Group Corp, posted a loss of 4.16 billion yuan in 2012, after losing 2.15 billion yuan in 2011, it said in an exchange filing late on Wednesday.

Maanshan Iron & Steel Co Ltd , the listed unit of Magang Group, reported a preliminary loss of 3.7 billion to 4 billion yuan last year.

Baoshan Iron & Steel (Baosteel), China's largest listed steelmaker, said earlier this month that its 2012 net profit likely rose by about 40 percent to 10.3 billion yuan ($1.65 billion), helped by the sale of some assets.

However, it said operating profit before one-off items was likely to show a decline of 33 percent to 6.2 billion yuan.

CISA expects an improved outlook for the country's steel sector this year, although that

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