Angang Steel’s 3Q 2018 in line With Prelim; Overcapacity Issues Continue to Dim Outlook
Angang Steel announced third-quarter 2018 earnings that were in line with preliminary results announced earlier in October. Net profit increased by 41% year over year to CNY 2.42 billion versus CNY 1.72 billion during the same period last year, based on restated numbers that take into account the consolidation of Angang Chaoyang’s results following the completion of its acquisition on Sept. 30. Management attributed the strong performance to better product mix leading to a higher average selling...Angang Steel Company Limited is a China-based company principally engaged in the production and distribution of steel. The Company's main products include hot-rolled steel sheet products, cold-rolled steel sheet products, medium and heavy sheets and other steel products. The Company distributes its products within domestic market and to overseas markets.
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