Angang, China’s third largest steel maker, said Tuesday that its profit declined 16.41% year-on-year to US$235.61 million (RMB1.76 billion) in the third quarter as a result of increasing costs, the Shanghai Securities News reported. The company’s net earnings dipped to RMB0.297 per share from RMB0.364 a year earlier, the Liaoning province-based steel mill said in a statement to the Shenzhen Stock Exchange. Operating costs during the third quarter went up 6.6% year-on-year to US$1.63 billion (RMB12.21 billion).

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