Anshan Steel’s net profit down 90.71 percent in Jan-Sept

In the first nine months of the current year, the net profit of Liaoning Province-based Chinese steel producer Anshan Iron and Steel Co. Ltd (Anshan Steel or Ansteel) was RMB 239 million ($35 million), down 90.71 percent year on year, according to a company statement.
 
In addition, Anshan Steel's net profit during the July-September period this year was estimated at RMB 19 million ($2.78 million), compared to a net loss of RMB 178 million ($26 million) recorded in the same period of last year.
 
The significant decrease in net profit in the first three quarters this year was due to surging raw material costs, according to Anshan Steel's statement.