By Tracy Qu

Angang Steel, the listed arm of China's second-biggest steelmaker, saw its 2024 net loss more than double as the company navigated China's property crisis and ongoing uncertainties surrounding U.S. tariffs.

The company's 2024 net loss was 7.12 billion yuan, equivalent to $980 million, compared with 2023's 3.26 billion yuan loss, according to a filing to the Hong Kong stock exchange on Sunday. Operating revenue was 105.10 billion yuan, down from 115.57 billion yuan the previous year.

The steel sector, which has seen domestic demand wither because of China's struggling property industry, is also facing increased pressure from U.S. tariffs. Beijing vowed earlier this month to retaliate against the Trump administration's 25% global levy on all steel and aluminum imported into the U.S., saying it will do what it takes to protect its interests.

"In 2024, the steel industry faced a further intensification of its weak market conditions, with the industry's steel price index continuing to decline while the ore price index remained at a high level, leading to overall losses in the main steel business," the company said in the filing.

Citi analysts maintained a buy rating on Angang Steel's shares after the results, citing its undemanding valuations and a tailwind for steel sentiment from potential supply reforms, according to a research note.

Shares of its Hong Kong-listed stock were recently down 2.25% at 1.74 Hong Kong dollars, equivalent to US$0.22.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

March 31, 2025 02:56 ET (06:56 GMT)

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