TUNG Wing Steel, the flagship for China's Shougang Corp, posted a $7.1 million loss for the year ended December 31, 1992 compared with profit of $40.1 million for the same period a year earlier. Turnover fell 9.3 per cent to $1.12 billion from $1.22 billion. The loss per share was 2.1 cents compared to earnings per share of 13 cents in 1991. Tung Wing also announced it planned to enter into a supply contract with Shougang involving the purchase of steel reinforcing bars. Tung Wing's directors anticipate it will buy about US$60 million worth of steel products from Shougang this year. This compares to purchases of $8.3 million in 1992.