In a statement to the Shenzhen Stock Exchange, Bengang Steel Plates said its net profits in 2009 would be minus 1.32 to 1.4 billion yuan (about minus 19.4 to 20.5 million U.S. dollars). Earnings per share would be minus 0.42 to 0.45 yuan, compared with an earning of 0.05 yuan per share in 2008.

The company, based in northeast China's Liaoning Province, attributed the heavy loss to the continuous slump of steel industry and low price of steel plates products.

Bengang Steel Plates opened at 6.18 yuan per share on Thursday, equivalent to the previous closing despite the deficit forecast.