Anshan Iron and Steel Group Corp, known as Ansteel, said that it turned its losses into profits in December, which may signal the recovery of China's economy.

Zhang Guangning, the chairman of Ansteel, said the group will make every effort to increase efficiency in 2013.

Due to the sluggish macroeconomic situation, Ansteel suffered big losses in the past years. In the first quarter of 2012, the company posted a loss of 1.89 billion yuan ($301.17 million). In 2011, its losses reached 2.446 billion yuan.

Ansteel, located in Anshan, Liaoning province, is the second-largest State-owned iron and steel company in China. It has three production bases in Anshan, Bayuquan and Chaoyang with an annual output of over 30 million metric tons of steel.

Contact the writers at wuyong@chinadaily.com.cn