Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel), the listed company of Angang Group, has stated that in the first half of the current year it registered an operating revenue of RMB 44.65 billion ($6.5 billion), down 12.58 percent year on year, and a net profit of RMB 500 million ($73 million), down 64.91 percent year on year.
Ansteel stated that it worked hard to stabilize the scale of output, vigorously promote innovation and reform, accelerate the implementation of intelligent manufacturing, the pace of scientific and technological innovation, and guard against business risks.
The company said the global economy was in recession in the first half of the current year amid the spread of the Covid-19 pandemic, which reduced demand for steel in both overseas and domestic markets. At the same time, high levels of iron ore prices caused exports to shrink and resulted in declines in steel enterprises’ profitability.
$1 = RMB 6.8498