Angang sees earnings loss for last year
By Richard Fu |
February 1, 2012, Wednesday
|
Print Edition
Print Edition
ANGANG Steel Co has estimated a net loss of 2.15 billion yuan (US$339 million) for 2011, joining other Chinese mills in reporting dismal results.
The company, based in Anshan, Liaoning Province, attributed the huge loss to high-cost feedstocks and output loss from maintaining its blast furnaces, said a Hong Kong stock exchange filing released late Monday.
"The preliminary result is much worse than Deutsche Bank's and market consensus," James Kan, the bank's analyst, wrote in a report. He said the loss may also be attributed to an iron ore pricing transfer dispute between Angang and its parent.
Angang reported a net profit of 2.05 billion yuan in 2010.
A slowing economy in China, which grew the least in two and a half years in the fourth quarter of 2011, has melted steel demand from construction and auto industries.
Maanshan Iron and Steel Co and Nanjing Iron and Steel Co said their 2011 net profits may fall more than 50 percent. Shanghai's Baoshan Iron and Steel Co, China's largest listed mill, said last month that its unaudited 2011 net profit tumbled 43 percent to 7.3 billion yuan.
The company, based in Anshan, Liaoning Province, attributed the huge loss to high-cost feedstocks and output loss from maintaining its blast furnaces, said a Hong Kong stock exchange filing released late Monday.
"The preliminary result is much worse than Deutsche Bank's and market consensus," James Kan, the bank's analyst, wrote in a report. He said the loss may also be attributed to an iron ore pricing transfer dispute between Angang and its parent.
Angang reported a net profit of 2.05 billion yuan in 2010.
A slowing economy in China, which grew the least in two and a half years in the fourth quarter of 2011, has melted steel demand from construction and auto industries.
Maanshan Iron and Steel Co and Nanjing Iron and Steel Co said their 2011 net profits may fall more than 50 percent. Shanghai's Baoshan Iron and Steel Co, China's largest listed mill, said last month that its unaudited 2011 net profit tumbled 43 percent to 7.3 billion yuan.
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