Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd (Hebei Steel), listed subsidiary of Hebei Iron and Steel Group (HBIS), has announced that in the first quarter of the current year it registered an operating revenue of RMB 25.034 billion ($4.0 billion), down 11.6 percent year on year, a net profit of RMB 373 million ($59.4 million), declining by 42.57 percent year on year.
Hebei Steel stated that production cuts due to environmental protection measures resulted in declines in its finished steel output and rises in its costs, thus negatively affecting its net profit in the first quarter of this year.