Anyang Steel expects net profit for 2020 to fall by 2.5-22 percent

Wednesday, 13 January 2021 15:03:33 (GMT+3)   |   Shanghai

Henan Province-based Chinese steelmaker Anyang Iron and Steel Inc. (Anyang Steel) has issued its preliminary financial report for 2020, forecasting that its net profit will decrease by 2.51-22.01 percent year on year to RMB 200-250 million ($31-38 million), decreasing by RMB 6.44-56.44 million compared to 2019.

According to the company, in the first quarter of 2020, Anyang Steel registered a net loss due to the negative impact of the Covid-19 pandemic. Meanwhile, surging prices of raw materials - including iron ore, coal, coke and scrap - especially in the fourth quarter reduced the company’s profitability.

$1 = RMB 6.4605

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