STOCKS | Angang Steel Warns of Wider 1H Loss on Weak Steel Prices and High Input Costs

Angang Steel Co. (0347) issued a profit warning, citing persistent oversupply in the steel industry, weak demand conditions and continued low steel product selling prices, according to Ming Pao. The company said high prices for key raw materials such as iron ore and coking coal have kept pressure on margins, with the spread between procurement and sales continuing to narrow. Angang Steel expects a loss attributable to shareholders of RMB 2.047 billion for the first half, widening from an adjusted RMB 1.115 billion a year earlier. Excluding non-recurring items, it forecasts a loss of RMB 2.109 billion, compared with an adjusted RMB 1.231 billion in the same period last year.