OREANDA-NEWS. May 03, 2012. Wuhan Steel said its net profit tumbled 92.86 percent year-on-year to 43.06 million yuan in the first quarter.

The domestic steel industry has been undergoing a dramatic change, from windfall profits to overall losses, in the space of less than five years.

In the first quarter, the struggling sector incurred a total of one billion yuan in losses.