Angang Steel

Angang Steel Company (Hong Kong stock code 0347.HK) produces steel products, including hot rolled products, cold rolled products, medium plates and other products.

Angang Steel to sell loss-making plants to parent Anshan

There is a suggestion that steelmakers do not see the present industry recovery as sustainable. Photo: Xinhua

Angang Steel has agreed to sell two loss-making steel plants to its parent in exchange for cash and a profitable trading business, the second move in a week aimed at shoring up its bottom line hurt by weak demand growth and industrywide overcapacity.

Thursday, 22 November, 2012, 3:39am

Weak market hammers Daye Special Steel and Angang Steel

Citic Pacific's iron ore project in Pilbara, Western Australia.

The slowdown in the mainland's steel industry reduced profit at Daye Special Steel, a Shenzhen-listed subsidiary of Citic Pacific, and created losses for Angang Steel, which is listed in Hong Kong.

26 Oct 2012 - 2:50am

Briefs, October 25, 2012

Angang Steel reported a net loss of 1.19 billion yuan in the third quarter.

Citic Bank shareholder selling 458m shares

A Citic Bank shareholder offered US$235 million worth of the bank's shares for sale at a discount of up to 3.15 per cent, a term sheet showed yesterday. The unidentified shareholder offered 458 million of the bank's shares at between HK$4 and HK$4.07 each, it showed. The bank's shares closed at HK$4.13. Reuters


25 Oct 2012 - 4:53am

Angang Steel shares drop as weaker growth hits

Angang Steel shares dropped as much as 5 per cent yesterday on a profit warning and weaker-than-expected economic growth on the mainland.

17 Apr 2012 - 12:00am

Angang's accounting raises eyebrows

Angang Steel, the listed unit of state-owned Anshan Iron & Steel Group, has raised the estimated useful life of its assets, in a move analysts say will artificially boost the company's bottom-line figures amid falling steel prices and high costs.

28 Sep 2011 - 12:00am

Furnace shutdown a threat to Angang output

Angang Steel, the listed unit of one of the mainland's largest steel producers, may see its output fall for the first time in at least 11 years after one of its 10 blast furnaces was shut down due to safety issues.

The company's first-half profit this year is also expected to come under pressure from higher material costs.

1 Apr 2011 - 12:00am

Angang loses some of its hard edge as No1 steel performer

When its net profit for last year fell short of a mean estimate of 21 analysts polled by Thomson Financial, Angang Steel's long-standing reputation as the best performer among mainland steelmakers listed in Hong Kong was cast in doubt.

Is the Anshan, Liaoning-based maker of high-end steel products weathering rising raw-material costs well enough to warrant a 'buy' call?

21 Apr 2008 - 12:00am

Angang Steel to reduce exports as new levy eats into margins

Angang Steel, the listed arm of the mainland's second-largest steelmaker, plans to reduce its exports this year as new government policies have made them less profitable than domestic sales.

Exports were expected to account for 15 per cent of the company's output this year, compared with 20.8 per cent last year, director and company secretary Fu Jihui said yesterday.

17 Apr 2008 - 12:00am

Angang Steel drops after downgrade

Shares in Angang Steel, the listed arm of the mainland's second-largest steelmaker, plunged 8.21 per cent yesterday in Hong Kong after some analysts downgraded the stock's rating following the company's disappointing earnings.

16 Apr 2008 - 12:00am

Angang blames 17.5pc profit drop on export-tax rebate reduction

Angang Steel, the Hong Kong- and Shenzhen-listed arm of the mainland's No3 steelmaker, said third-quarter profit fell 17.5 per cent after Beijing cut export-tax rebates.

31 Oct 2007 - 12:00am

Angang Steel cleared for dual rights issue to raise 20b yuan

Angang Steel announced last night it had been given approval for the first dual A and H-share rights issue to raise up to 20 billion yuan to finance a production plant in Liaoning province.

29 Sep 2007 - 12:00am

Angang revives dual bid for issue of rights shares

Angang Steel, the mainland's third-largest steel producer by output, saw its share price fall as much as 3.18 per cent after it unveiled a second attempt to launch the first dual A and H-share rights issue to raise more than HK$20 billion.

12 Apr 2007 - 12:00am

Angang earnings soar to 7.1b yuan

Angang Steel, the largest Hong Kong-listed mainland steel producer, beat its own profit forecast as earnings rose sharply last year, thanks to higher product prices and its acquisition of its parent firm's assets.

11 Apr 2007 - 12:00am