Anhui Province-based Chinese steelmaker Masteel has announced that in the first quarter this year it registered an operating revenue of RMB 17.717 billion ($2.61 billion), down 3.23 percent year on year, while it recorded a net profit of RMB 83.7459 million ($12.4 million) for the given period, down 94.09 percent year on year.
The company stated that decreases in finished steel prices and rising iron ore prices have resulted in the decline in its net profit. It expects that its net profit will likely indicate a sharp decrease in the first half of the current year.