Liaoning Province-based Chinese steelmaker Angang Steel Company Limited (Angang Steel) has announced that its net loss amounted to RMB 2.047 billion ($0.3 billion) in the January-June period this year, with the net loss expanding further compared to a net loss of RMB 1.115 billion recorded in the same period last year.
In the given period, Angang Steel Company Limited registered an operating revenue of RMB 45.907 billion ($6.8 billion), down 5.58 percent year on year.
In the first six months this year, Angang Steel's outputs of pig iron, crude steel and finished steel amounted to 11.2722 million mt, 12.1372 million mt and 11.5295 million mt, down 7.3 percent, 5.1 percent and 4.2 percent, year on year, respectively.
According to the data, Angang Steel's production volumes contracted across the board in the first half of the year. Compared to HBIS Company's 4.5 percent year-on-year increase in crude steel output over the same period, it highlighted the divergent operating strategies within the steel industry. Some mills are actively cutting production to weather the downturn, while others are opting to mitigate market pressures through product mix optimization.
