In its annual report released on April 27, Henan Province-based Chinese steelmaker Anyang Iron and Steel Group stated that it achieved an operating revenue of RMB 28.297 billion ($4.33 billion) in 2010, up 23.5 percent year on year, while its net profit in the same period totaled RMB 69.4412 million ($10.62 million), down 45.5 percent year on year.
According to the steel producer, the factors that contributed to its reduced profit were increases in operating costs, non-operating expenses and income tax.