Angang Steel (HKG:0347, SHE:000898) expects a decline in net profit attributable to the shareholders for the year 2024, compared with the previous year, according to a Sunday filing with the Hong Kong Bourse.
The company attributed the expected decline to a sustained drop in the steel price index and high-level range-bound trading of iron ore prices. Weak downstream demand and a narrowing price spread further compressed margins, intensifying losses in the core steel business.
The company's Hong Kong shares were down almost 2% in the recent trading.
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