Competition hurts Angang

H share Angang New Steel said net profits tumbled more than 22 per cent last year to 493 million yuan. The company blamed the reduction on intense competition in the mainland steel market, which saw the prices of its products fall by an average of 4.4 per cent. Turnover also dropped with sales of 5.7 billion yuan recorded compared with 6.24 billion yuan in 1996.