News Column

Maanshan Iron and Steel H1 Loss Rose to CNY730mn

August 20, 2014

MAANSHAN, August 20, SinoCast -- Maanshan Iron and Steel (SHSE: 600808) had operating revenue of CNY 28.86 billion in the first half of 2014, down 21.89% from the previous year. Net loss attributable to shareholders was CNY 730 million, compared to CNY 330 million a year ago. It mainly attributed the rise in loss to dropped output, sales volume and steel price as well as increased fixed expenditures.

Maanshan Iron and Steel and subsidiaries produced 8.65 million tons of pig iron, 9.05 million tons of crude steel and 8.73 million tons of steel products in the six months, down 16%, up 0.7% and 0.3%, each. Those turned out by Maanshan Iron and Steel each was 6.15 million, 6.6 million and 6.33 million tons, down 8.3%, 4.9% and 4.4%.

Maanshan Iron and Steel for the first time made money this July, with sales revenue and profit each hitting about CNY 5.06 billion and CNY 132 million.

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Source: Sinocast Metals, Mining & Chemicals Beat (China)

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