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Hesteel says capacity cuts, environmental crackdown hurt growth in FY'17 profits

Hesteel Co. Ltd.'s net profit attributable to shareholders rose 19.6% to 1.86 billion Chinese yuan, or 18 fen per share, in 2017.

The company said its growth in profit was lower than the average level in the domestic sector, due to capacity cuts and production suspensions resulting from tightened environmental regulations.

Operating revenues increased 55.2% to 115.70 billion yuan, according to the unaudited results.

As of Feb. 28, US$1 was equivalent to 6.33 Chinese yuan.