Liaoning Province-based Chinese steel producer Anshan Iron and Steel Holding Co., Ltd (Anshan Steel) has announced a net profit of RMB 71 million ($10.8 million) for the first quarter of this year, down 93.82 percent year on year. The slump in the net profit was mainly due to the significant increase in raw material and fuel costs, the steelmaker said.
Meanwhile, another Chinese steel producer, Hunan Province-based Hualing Iron and Steel Co., Ltd (Hualing Steel) has posted a net loss of RMB 180-200 million ($27-30 million) in the first quarter this year, compared with a net loss of RMB 275 million ($42 million) in the same period of 2010.