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Angang Steel sees support for steel market recovery

sxcoal.com Company,  Steel Products 2022-05-13 08:46:48

The steel market still has strength to recover backed by multiple national policies, despite slowed supply-demand dynamics caused by the Russia-Ukraine conflict, COVID-19 pandemic and global inflation, a listed steelmaker Angang Steel Co., Ltd. said an institutional research on May 9.


During the first quarter, the company achieved an operating income of 34.93 billion yuan ($5.14 billion), a year-on-year increase of 9.77%. Its net profit was 1.48 billion yuan, a year-on-year decrease of 1.2%, and basic earnings per share were 0.158 yuan.


Angang Steel mainly purchases coal from state-owned and local large-scale key coal mines in Shanxi, Heilongjiang, Hebei, Anhui, and Liaoning based on the principles of quality, cost, sustainability and competitiveness.


(Writing by Emma Yang  Editing by Harry Huo)
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