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Angang Steel swings to loss in H1

Aug. 28, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, suffered a net loss of RMB 1.98 billion or US$312 million in the first half of this year, compare with a net profit of RMB 220 million it realized in the corresponding period of 2011.

Basic loss per share for the period was RMB 0.27, while its basic earnings per share for the first half of 2011 were RMB 0.03.

In a statement filed with Shenzhen Stock Exchange, the steel producer saw its operation revenue for the six months period decreased 15.01% from a year earlier to RMB 39.38 billion.

From January to June, the company produced 9.39 million metric tons of steel products, down 2.95% YoY. While it sold 9.04 million metric tons of steel products during the six-month period, down 4% from a year earlier.

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