Overcapacity in the steel industry will continue to weigh on Angang Steel.
Angang Steel’s first-quarter 2018 earnings were in line with preliminary results announced last week, with net profit increased by around 49% year over year to CNY 1.59 billion versus CNY 1.07 billion during the year-ago period. Pretax profit for first-quarter 2018 increased by a larger magnitude of 91% year over year to CNY 2.1 billion from CNY 1.1 billion during the year-ago period, owing to improved operating margin, but this was mitigated by higher tax expense. With more clarity on its stron...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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