Chinese steel producer Angang Steel Company Limited (Angang Steel), based in Liaoning Province, announced that its net loss for the period from January to June of this year was 2.047 billion yuan (0.3 billion dollars), while the net loss increased further compared with the recorded net loss of 1.115 billion yuan for the same period last year.
During the specified period, the operating revenue of Angang Steel Company Limited amounted to 45.907 billion yuan ($6.8 billion), which is 5.58% less compared to the same period last year.
In the first six months of this year, the production volume of cast iron, crude steel and finished products of Angang Steel amounted to 11.2722 million tons, 12.1372 million tons and 11.5295 million tons, which is 7.3% less than 5.1 percent and 4.2 percent year-on-year, respectively.
According to the data, Angang Steel's production volumes decreased in all directions in the first half of the year. In comparison, HBS's 4.5% year-on-year increase in steel production over the same period demonstrated differences in operating strategies in the steel industry. Some enterprises are actively reducing production in order to survive the economic downturn, while others prefer to mitigate market pressures by optimizing their product range.
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