Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has issued its financial results for the first half of the current year, announcing a total net loss of RMB 1.976 billion ($312.16 million), compared with a net profit of RMB 220 million ($34.76 million) in the same period last year.
However, the net loss of the company in the second quarter was just RMB 88 million ($13.9 million), compared to RMB 1.888 billion ($298.26 million) in the first quarter.
Ansteel stated that in the first half of the current year it was negatively impacted by a 12 percent year-on-year decrease in steel sales prices, despite efforts to increase efficiency and reduce costs.