Angang Steel (00347) issues profit warning, expecting a net loss of approximately 2.047 billion yuan in the first half of the year, an increase of about 83.59% year-on-year.

Angang Steel (00347) announced that it is expected to achieve a net loss attributable to shareholders of the company of approximately 2.047 billion yuan in the first half of 2026, an increase of about 83.59% year-on-year; it is expected to have a non-net loss of approximately 2.109 billion yuan, an increase of about 71.32% year-on-year. In the first half of 2026, the steel industry is still facing an oversupply situation, showing a weak cycle and low business climate. Steel prices remain depressed, coupled with high prices of raw materials such as iron ore and coking coal, the profit margin continues to shrink due to the narrowing gap between purchasing and sales. Faced with a complex and severe market situation, the company is focusing on high-end, intelligent, and green directions, deepening the construction of "Five-Type" enterprises, continuing to promote "value creation focus, comprehensive accounting management", adhering to stable and quality production, strengthening internal control. The production and operation situation improved compared to the second quarter, but the company's production and operation are still in a loss position due to the continuous narrowing of the market at both ends.