On April 25, Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Co., Ltd announced its financial results for the first quarter of this year.
Accordingly, in the first quarter the company achieved an operating revenue of RMB 9.38 billion ($1.506 billion), down one percent year on year, while its net profit was RMB 82.49 million ($13.24 million), seeing a significant increase compared to the RMB 10 million ($1.605 million) recorded in the same period last year.
In its quarterly report, Liuzhou Steel stated that low-priced iron ore purchased in the fourth quarter of last year contributed to the rise in its net profit in the first quarter of this year.