Allylic oxidation of 3-beta-17-beta-diacetoxyandrost-5-ene (I) by means of chromic acid provides the unsaturated ketone (II). Stereoselective reduction of enone (II), with concomitant hydrolysis of the acetate esters in the presence of aluminum isopropoxide under Meerwein-Ponndorf-Verley conditions leads to the title trihydroxy steroid.