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