Angang New Steel doubles profits in Q1
Chinese
Angang New Steel Company Ltd.'s quarterly report indicates that the company doubled its profits from a year earlier to reach RMB 603.9 million ($73 million) for the 2005 first quarter.
The company's net profit for the first six months of the year is forecast to increase more than 50% over the previous year's numbers.
Despite the strong profit report, the company's shares continued to fall on the
Hong Kong stock exchange.
Angang's shares, which had peaked at HK$5.20 ($0.67) in early March, are now
trading around HK$3.78. Analysts expect the decrease to continue because the oversupply situation in
China is pushing steel prices downwards.