Steel project sees losses

A 10 million ton Caofeidian steel project which has been operated for three years in Tangshan, North China's Hebei Province by Shougang Group has reported consecutive losses, the China Business News reported Tuesday.

The project, which started production in June 2010, was expected to see an after-tax profit of 8.08 billion yuan ($1.32 billion) but instead recorded net losses of 3.14 billion yuan in 2010 and 5.14 billion yuan in 2011, the report said.