Angang Steel sees 73% fall in net profit for H1 as prices tumble

China steelmaker Angang Steel announced a 73% fall in its net profit for the first half of the year amid deteriorating demand, South China Morning Post reported, citing a statement from the firm to both the Hong Kong and Shenzhen stock exchanges. Net profit attributable to shareholders will slide to RMB155 million, down from RMB577 million for the same period last year. The firm’s efforts to cut costs and improve efficiency – as well as the disposal of some shares in subsidiary Zhuzhou Group – failed to offset the impact of tumbling steel prices, the company said.