HK Stock Market Move | Angang Steel (00347) fell more than 4% as industry downturn compounded by partial production line maintenance, first quarter loss widens by 163% year-on-year.

Angang Steel (00347) fell more than 4%, dropping 3.95% to HKD 1.46 as of the deadline, with a turnover of HKD 5.56 million. On the news front, on the evening of April 29th, Angang Steel announced that in the first quarter of 2026, the operating income was 22.021 billion yuan, a year-on-year decrease of 12.19%; the net loss attributable to shareholders of the listed company was 1.457 billion yuan, a year-on-year increase of 163%. The company stated that during the period, operating profit, total profit, net profit, and net profit attributable to owners of the parent company all decreased year-on-year, mainly due to: first, the overall downturn in the steel industry, with steel sales prices falling more than raw material prices, narrowing the purchase price spread; and second, some production lines underwent maintenance, resulting in a year-on-year decrease in steel production and sales volume in the reporting period.