Higher Iron Ore Prices Cause Steel Makers to Lose Profits

Bloomberg reported Angang Steel Co. (HKG:0347) swung to a first-quarter loss as iron ore costs gained and slowing economic growth in China dragged down prices.

As quoted in the market news:

Net loss was 1.89 billion ($300 million) for the three months ended March 31, compared with a profit of 71 million yuan a year earlier, the Anshan, Liaoning province-based company said today in a statement to the Shenzhen stock exchange, citing Chinese accounting standards. The loss matched its initial estimate announced on April 13.

Click here to read the full Bloomberg report.