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Angang Steel's H1 net profit plunges 92%

Jul. 11, 2011 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, said that its un-audited net profit was RMB 220 million in the first half of this year, shrinking 92% from the RMB 2.75 billion recorded in the same period of last year, sources reported.

The Hong Kong and Shenzhen-listed steelmaker attributed the sharp decline mainly to an increase in the prices of raw materials and fuels, which substantially exceeded the rise in the price of the company's steel products.

Angang Steel is based in Anshan of Liaoning Province, and is the listed unit of Anshan Iron & Steel Group Corp. It produces steel plates, small H-shaped steel, train wheels and wheel rims.

Anshan Iron & Steel Group said early this year that it will set up a joint venture with Stemcor, the world's largest independent steel trader. Both parties will each hold a 50% stake in the new company, which is mainly engaged in planning and implementing investment programs of the two collaborators, said Li Dongwei, a senior executive of Anshan Iron & Steel Group.

During the year ended Dec. 31, 2010, Angang Steel produced approximately 22.13 million metric tons of iron, 21.66 million metric tons of steel and 20.97 million metric tons of steel products. As of Dec. 31, 2010, the company had seven major subsidiaries.

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