Ansteel foresees 78.22 percent drop in Q1 net profit

Friday, 12 April 2019 10:57:13 (GMT+3)   |   Shanghai
       

Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has announced that its net profit in the first quarter of the year is expected to total RMB 417.0 million ($62.1 million), down 78.22 percent year on year.

In the given period, finished steel prices were lower than in the same period of the previous year, while coal and iron ore prices indicated sharp rises, resulting in high costs of finished steel and a lower net profit.


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