29
Apr
01:00
Angang profit falls, sells Chongqing automotive stake
Northern China’s Angang Steel, the listed arm of Anshan Iron and Steel (Angang) saw net profit plummet -93% year-on-year in the first quarter to just CNY 19 million ($3.1 million). This occurred as steel prices fell faster than iron ore. The company plans to streamline its new projects and is selling its stake in a major autosheet supplier project, Kallanish notes.
The collapse in profits came on the back of a -19% y-o-y fall in revenues to CNY 14.96 b…
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Anonymous
Very good overview of the weekly steel market.
Anonymous