Ansteel sees reduced net profit in first quarter

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Liaoning Province-based Chinese steelmakerAnshan Iron and Steel Co. (Ansteel) has announced in its final financial reportfor the first quarter this year that it achieved an operating revenue of RMB18.399 billion ($3 billion) in the given quarter, down 4.01 percent year onyear, while it recorded a net profit of RMB 286 million ($46.7 million), down47.04 percent year on year.

Ansteel said the main reason for thedecline in its net profit was the decrease in finished steel prices in thegiven period.

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