HK Stock Market Move | MAANSHAN IRON(00323) is now down more than 4%. The company achieved a turnaround from loss to profit in the first three quarters. UBS pointed that the outlook for the fourth quarter is still unfavorable.

Maanshan Iron (00323) is currently down more than 4%, as of the time of writing, it is down 4.23%, at HK$2.72, with a trading volume of HK$17.61 million. On the news front, Maanshan Iron & Steel previously announced its performance for the first three quarters, with the company's operating income at 57.57 billion yuan, a year-on-year decrease of 6.4%; net profit attributable to the parent company successfully turned around from a loss of 2.53 billion yuan in the same period last year, achieving a net profit of 83.63 million yuan. UBS released a research report stating that Maanshan Iron's gross profit per ton of steel has risen to 180 yuan, catching up to industry standards after lagging behind the market for four years, driven by synergy effects with Baosteel. The bank stated that even though performance met expectations, the outlook for the fourth quarter is still unfavorable because peak season demand has shifted to the third quarter, and sales may be limited from November to December during the winter season, causing Maanshan Iron's gross profit per ton of steel to potentially decrease to approximately 80 yuan. In addition, operating issues such as unstable blast furnace output, aging product structure, and internal competition have not been resolved.