GT Steel Construction Group Limited provided consolidated earnings guidance for the year ended December 31, 2021. Based on the information currently available to the Company and the preliminary review by the Board of the unaudited consolidated management accounts of the Group for the year ended 31 December 2021, the Group expects the loss after tax to increase by more than 100% compared to a loss after tax of approximately SGD 3.39 million for the year ended 31 December 2020. The Board considered that the aforesaid loss after tax was mainly attributable to (i) the continuous impact of the COVID-19 pandemic; (ii) the fluctuation in the price of steel due to changes in market supply and demand, which is affected by factors such as global economic conditions and the production capacities of steel mills; and (iii) higher subcontractor costs due to staggering start times and shifts implemented by the Singapore government as social distancing measures to combat COVID-19 and foreign workers shortage in Singapore due to the uncertainty in Singapore's border restrictions.