In its quarterly report issued on April 27, Liaoning Province-based Chinese steelmaker Angang Steel announced a net profit of RMB 71 million ($10.9 million), down 93.82 percent year on year.
During the same period, Angang Steel achieved an operating revenue of RMB 22.595 billion ($3.45 billion), up 4.25 percent year on year.
Angang Steel said that its reduced profit in the first quarter was due to price increases for fuel and raw material.