Well it says in one of my books:
{It is important to note that anadrol does exhibit some tendency to convert to DHT, although this does not occur via the 5-alpha reductase enzyme (responsible for altering testosterone to form DHT) Anadrol is already a DHT based steroid. Aside from the c-17 it differs to DHT only by the addition of 2-hydrozymethylene group.}
OK not sure I fully understand that but basically it turns to DHT, just not all of it does but consider with anadrol your taking alot - 50-100mg a day so you have these high androgenic sides-oily skin, acne, hairloss.