https://www.scmp.com/rss/226563/feed Angang Steel Company (Hong Kong stock code 0347.HK) produces steel products, including hot rolled products, cold rolled products, medium plates and other products. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Mainland steelmakers reported huge losses this year, battered by plunging steel prices and massive market overcapacity as growth in economy slowed. Angang Steel posted losses of 4.59 billion yuan (HK$5.49 billion) in 2015, a 600 per cent drop from the year before. “In 2015, China experienced a slowdown in economic growth and excess steel capacity, which caused the domestic and overseas steel industry to enter an ‘Ice Age’ of severe challenges, fierce competition and difficult survival... https://www.scmp.com/business/companies/article/1932233/chinese-steelmakers-report-huge-losses-amid-plunging-prices-and?utm_source=rss_feed https://www.scmp.com/business/companies/article/1932233/chinese-steelmakers-report-huge-losses-amid-plunging-prices-and?utm_source=rss_feed Thu, 31 Mar 2016 03:39:00 +0000 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. The connected transactions, combined with a change in depreciation policy that would add 900 million yuan (HK$1.11 billion) to its net profit next year, will help it avoid posting a third consecutive year of net loss and ease the risk of a mainland... https://www.scmp.com/business/companies/article/1087861/angang-steel-sell-loss-making-plants-parent-anshan?utm_source=rss_feed https://www.scmp.com/business/companies/article/1087861/angang-steel-sell-loss-making-plants-parent-anshan?utm_source=rss_feed Wed, 21 Nov 2012 16:00:00 +0000 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. Daye's net profit plunged 86.2 per cent to 18.05 million yuan (HK$22.4 million) in the third quarter. For the first three quarters, it dropped 53.9 per cent to 206.8 million yuan, Citic Pacific announced yesterday. Revenue fell 32.3 per cent in the quarter to 1.57 billion yuan. "The special steel... https://www.scmp.com/business/commodities/article/1069918/weak-market-hammers-daye-special-steel-and-angang-steel?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1069918/weak-market-hammers-daye-special-steel-and-angang-steel?utm_source=rss_feed Thu, 25 Oct 2012 16:00:00 +0000 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   BYD to sell electric cars to London cab company Mainland carmaker BYD won a preliminary order to supply 50 electric cabs to a London-based... https://www.scmp.com/business/china-business/article/1069015/briefs-october-25-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1069015/briefs-october-25-2012?utm_source=rss_feed Wed, 24 Oct 2012 16:00:00 +0000 Angang Steel shares dropped as much as 5 per cent yesterday on a profit warning and weaker-than-expected economic growth on the mainland. The largest steel company traded in Hong Kong expects to lose 1.89 billion yuan (HK$2.32 billion) in the first quarter, compared with a 71 million yuan gain in the same period last year, the company said yesterday. Shares in Angang dropped as low as HK$5.16 before ending at HK$5.31, down 2.7 per cent. The mainland steel industry was expected to be hit by... https://www.scmp.com/article/998427/angang-steel-shares-drop-weaker-growth-hits?utm_source=rss_feed https://www.scmp.com/article/998427/angang-steel-shares-drop-weaker-growth-hits?utm_source=rss_feed Mon, 16 Apr 2012 16:00:00 +0000 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. The company revised projections on how long its assets could generate revenue and services, extending the estimated life of its buildings from 20 years to 30 years and its machinery from 10 years to 15 years. It also shortened the expected life of its... https://www.scmp.com/article/980355/angangs-accounting-raises-eyebrows?utm_source=rss_feed https://www.scmp.com/article/980355/angangs-accounting-raises-eyebrows?utm_source=rss_feed Tue, 27 Sep 2011 16:00:00 +0000 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. Angang vice-chairman Chen Gang said yesterday the board originally planned for crude steel output to be flat this year from last year's 21.66 million tonnes, and steel product... https://www.scmp.com/article/963884/furnace-shutdown-threat-angang-output?utm_source=rss_feed https://www.scmp.com/article/963884/furnace-shutdown-threat-angang-output?utm_source=rss_feed Thu, 31 Mar 2011 16:00:00 +0000 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? The 6.2 per cent increase in Angang's earnings to 7.53 billion yuan (HK$8.4 billion) was 12 per cent shy of the market's... https://www.scmp.com/article/634521/angang-loses-some-its-hard-edge-no1-steel-performer?utm_source=rss_feed https://www.scmp.com/article/634521/angang-loses-some-its-hard-edge-no1-steel-performer?utm_source=rss_feed Sun, 20 Apr 2008 16:00:00 +0000 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. The Anshan, Liaoning-based steelmaker increased production by 6.42 per cent to 14.93 million tonnes last year, of which 3.14... https://www.scmp.com/article/634012/angang-steel-reduce-exports-new-levy-eats-margins?utm_source=rss_feed https://www.scmp.com/article/634012/angang-steel-reduce-exports-new-levy-eats-margins?utm_source=rss_feed Wed, 16 Apr 2008 16:00:00 +0000 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. The Anshan, Liaoning-based steelmaker said on Monday night that last year's net profit rose 6.2 per cent to 7.53 billion yuan (HK$8.39 billion), lagging behind an 8.58 billion yuan average estimate from 21 analysts polled by Thomson Financial. Fourth-quarter earnings ... https://www.scmp.com/article/633869/angang-steel-drops-after-downgrade?utm_source=rss_feed https://www.scmp.com/article/633869/angang-steel-drops-after-downgrade?utm_source=rss_feed Tue, 15 Apr 2008 16:00:00 +0000 China Eastern Airlines: Today China Eastern Airlines Corp (670), whose shareholders voted down a management-favoured stake acquisition by Singapore Airlines and Temasek Holdings in January, may have turned a profit last year of 603 million yuan (HK$671.7 million) on the yuan's strong appreciation, which helped cut its US dollar-denominated debt. High operating costs and rising fuel prices led to a net loss of 3.3 billion yuan for 2006 despite a 37 per cent jump in revenue to 37.5 billion... https://www.scmp.com/article/633623/china-eastern-may-fly-high-yuan-surge-angang-and-magang-face-mixed-fortunes?utm_source=rss_feed https://www.scmp.com/article/633623/china-eastern-may-fly-high-yuan-surge-angang-and-magang-face-mixed-fortunes?utm_source=rss_feed Sun, 13 Apr 2008 16:00:00 +0000 Shares of mainland steel companies shot higher yesterday as investors got a better picture of the industry's possible fortunes this year while speculating that mainland mills will follow their Japanese counterparts to pass on higher raw material costs. Japan's Nippon Steel Corp and South Korea's Posco on Monday agreed to a 65 per cent jump in iron ore prices for supplies from Brazilian mining company Vale in the industry's first deal for the year. Mainland companies are expected to sign at the... https://www.scmp.com/article/626845/mainland-steel-shares-rally-expectation-mills-will-raise-prices?utm_source=rss_feed https://www.scmp.com/article/626845/mainland-steel-shares-rally-expectation-mills-will-raise-prices?utm_source=rss_feed Tue, 19 Feb 2008 16:00:00 +0000 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. Profit dropped to 1.76 billion yuan from a revised 2.14 billion yuan in the same quarter last year on a higher tax charge after value-added tax rebates on exports of some steel products were cut on April 15 and June 1. Angang, which sells about a fifth of its products overseas, paid 252 million yuan valued-added tax and other... https://www.scmp.com/article/613719/angang-blames-175pc-profit-drop-export-tax-rebate-reduction?utm_source=rss_feed https://www.scmp.com/article/613719/angang-blames-175pc-profit-drop-export-tax-rebate-reduction?utm_source=rss_feed Tue, 30 Oct 2007 16:00:00 +0000 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. The China Securities Regulatory Commission has told the Hong Kong and Shenzhen-listed steelmaker it can issue 1.1 billion shares at 15.40 yuan each to its shareholders and up to 267 million shares at HK$15.91 each in Hong Kong. The company, the listed unit of the mainland's third-largest steelmaker, secured... https://www.scmp.com/article/609669/angang-steel-cleared-dual-rights-issue-raise-20b-yuan?utm_source=rss_feed https://www.scmp.com/article/609669/angang-steel-cleared-dual-rights-issue-raise-20b-yuan?utm_source=rss_feed Fri, 28 Sep 2007 16:00:00 +0000 Angang Steel is the biggest Hong Kong-listed Chinese steelmaker by value. Its principal activity is the production and sale of billets, wire rods, thick plates, cold rolled sheets and large steel products. It operates solely in the domestic market. Steel prices in China, the world's top producer and consumer of the metal, recovered this year after the government tightened bank loans and land supply to rein in excess capacity growth. With prices increasing, and demand also on the rise, the... https://www.scmp.com/article/596274/company-profile-angang-steel?utm_source=rss_feed https://www.scmp.com/article/596274/company-profile-angang-steel?utm_source=rss_feed Sun, 10 Jun 2007 16:00:00 +0000 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. Taking advantage of its soaring stock price, the largest Hong Kong-listed mainland steel producer by market capitalisation said yesterday it would seek shareholders' approval to issue either two or three rights shares for every 10 existing shares held... https://www.scmp.com/article/588636/angang-revives-dual-bid-issue-rights-shares?utm_source=rss_feed https://www.scmp.com/article/588636/angang-revives-dual-bid-issue-rights-shares?utm_source=rss_feed Wed, 11 Apr 2007 16:00:00 +0000 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. Net profit rose to 7.09 billion yuan by international accounting standards, up 236.2 per cent from 2.11 billion yuan in 2005 and 8.6 per cent ahead of the 6.53 billion yuan mean estimate of 21 analysts polled by Thomson First Call. The company forecast 6.12 billion yuan profit in a... https://www.scmp.com/article/588510/angang-earnings-soar-71b-yuan?utm_source=rss_feed https://www.scmp.com/article/588510/angang-earnings-soar-71b-yuan?utm_source=rss_feed Tue, 10 Apr 2007 16:00:00 +0000 Shares in Hong Kong-listed Chongqing Iron & Steel jumped 9.49 per cent after the medium-sized mainland steelmaker announced a plan to sell shares in Shanghai next month to fund expansion of its production capacity. The company plans to issue 350 million A shares, amounting to 20.19 per cent of its enlarged share capital. Based on the company's H-share closing of HK$2.77 yesterday, the deal could raise HK$969.5 million. Chongqing Iron plans to spend 1.4 billion yuan in the next two years to... https://www.scmp.com/article/580201/chongqing-iron-sell-shares?utm_source=rss_feed https://www.scmp.com/article/580201/chongqing-iron-sell-shares?utm_source=rss_feed Tue, 30 Jan 2007 16:00:00 +0000 Angang New Steel, the listed unit of China's second-largest steelmaker, plans to invest 22.6 billion yuan to build a steel production plant in northeastern Liaoning province to improve its product mix. Angang said it planned to invest eight billion yuan in the project this year, 12 billion yuan next year and 2.6 billion yuan in 2008. The project has been approved by the National Development and Reform Commission, China's top economic planner. 'We haven't worked out a concrete plan on how to... https://www.scmp.com/article/560014/angang-plans-build-226b-yuan-steel-plant-liaoning?utm_source=rss_feed https://www.scmp.com/article/560014/angang-plans-build-226b-yuan-steel-plant-liaoning?utm_source=rss_feed Fri, 11 Aug 2006 16:00:00 +0000 The group's principal activities are the production and selling of billets, wire rods, thick plates, cold rolled sheets and large steel products. It operates solely in domestic markets. https://www.scmp.com/article/554268/angang-new-steel?utm_source=rss_feed https://www.scmp.com/article/554268/angang-new-steel?utm_source=rss_feed Sun, 25 Jun 2006 16:00:00 +0000 H share Angang New Steel will invest 1.1 billion yuan (about HK$1.02 billion) to upgrade its technological production this year after seeing net profit fall 32.26 per cent to 69.85 million yuan - under international accounting standards - for the first six months of this year. Director and secretary Fu Jihui said his company would try to gradually enhance its cost efficiency through technological upgrades in the face of falling steel prices caused by sluggish domestic and international demand,... https://www.scmp.com/article/291075/angang-eyes-technology-boost-after-profit-falls?utm_source=rss_feed https://www.scmp.com/article/291075/angang-eyes-technology-boost-after-profit-falls?utm_source=rss_feed Tue, 17 Aug 1999 16:00:00 +0000