Tax expenses eat into Angang's profits

Tax expenses eat into Angang’s profits

Major Chinese steelmaker Angang New Steel Company posted a year-on-year drop in its quarterly net profit. The company's net profit fell 1.5 percent year on year to RMB 491.2 million ($60.75 million) in the third quarter due to both a new business tax and surcharges that amounted to RMB 43.26 million ($5.35 million). Nevertheless, total profit in the first nine months increased 43.4 percent to RMB 1.71 billion ($211.85 million) due to output increasing 10 percent to 4.5 million metric tons. In the first nine months, Angang produced 1.35 million metric tons of cold rolled sheet, unchanged from the previous year; 620'500 metric tons of galvanized sheets and color coating sheets, up 66.36 percent year on year; and 989'200 metric tons of large section and continuous rolling products, up 12.7 percent.