On April 25, Henan Province-based Chinese steelmaker Anyang Iron and Steel Group Co. issued its financial results for the first quarter of this year.
In the given period, Anyang Steel achieved an operating revenue of RMB 4.907 billion ($886 million), down 18.9 percent on year-on-year basis, while the company suffered a net loss of RMB 392 million ($63 million), down 11.36 percent year on year.
The company stated that in the first quarter this year its profitability was negatively impacted by low steel sales prices in comparison to production costs, given the increases in raw material prices. Anyang Steel also expects to record a net loss for the first half of this year.