Chinese steelmakers see first-half profits weaken sharply amid rising costs, falling steel prices

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Chinese steelmakers reported sharply worsened earnings for the first half of the year amid rising production costs, sluggish demand and falling steel prices.

Angang Steel Company Limited, the public-listed unit of the state-owned Ansteel Group, said its net profit attributable to the parent company is expected to slump 67.37% in the first half of the year from a year earlier to 1.7 billion yuan, according to a stock exchange filing on July 14.

The steelmaker said . . .

 

 

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