Shougang Hierro Peru reported earnings results for the first quarter ended March 31, 2014. The company saw its first quarter profit drop 15% because of falling iron prices and rising costs. Profit was PEN 196.8 million compared with PEN 231.8 million last year.

First quarter sales fell 16.8% to PEN 564 million. The factor that most influenced the company's financial performance in the period was the drop in mineral prices. The company invested $28.9 million in equipment for its processing plant in the first quarter.