Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel), a listed company of Angang Group, has stated that its net profit for the first half of the current year is expected to total RMB 500 million ($71.7 million), down 64.91 percent year on year.
The company stated that demand for its steel products slackened due to the Covid-19 virus, which resulted in lower sales prices of its products, while raw material prices moved up, reducing the company’s profitability in the given period.
