Ansteel foresees 67.3 percent drop in H1 net profit

Thursday, 18 July 2019 11:12:02 (GMT+3)   |   Shanghai
       

Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has stated that its net profit for the first half of this year is expected to total RMB 1.45 billion ($0.21 billion), down 67.3 percent year on year.

In the given period, finished steel prices were lower than in the same period of the previous year, while the rapid rises in raw material prices resulted in higher production costs of finished steel, which contributed to the decline in the company’s net profit in H1.

 


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