Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group (Anshan Steel) has announced its financial report for the first quarter of the current year.
Following its net loss of RMB 2.146 billion recorded in 2011, Anshan Steel has posted a net loss of RMB 1.888 billion ($299.72 million) for the first quarter of the current year, compared to a net profit of RMB 71 million in the same quarter last year.
In the first quarter this year, the steelmaker's operating revenues totaled RMB 18.89 billion ($3.00 billion), dropping 16.40 percent from RMB 22.595 billion in the corresponding quarter of last year.