As of Tuesday, 16 out of the 56 listed steel companies had released their results for 2012, showing aggregated losses of 4.3 billion yuan ($682 million), despite a recovery in fourth-quarter demand.

Angang Steel Co Ltd, the listed arm of Anshan Iron and Steel Group Corp, led loss-making companies by booking a 4.16 billion yuan loss for 2012. The company now carries the ST tag on its shares traded on the Shenzhen Stock Exchange after posting losses for two years in a row.

Shandong Iron and Steel Co Ltd reported a net loss of 3.8 billion yuan for 2012, while the Anhui-based Magang (Group) Holding Co Ltd saw a 3.86 billion yuan loss due to slumping downstream demand and soaring operating costs.