Maanshan Iron & Steel loses 1.89b yuan in H1

Maanshan Iron & Steel Co Ltd said on Aug 23 that it had a net loss of 1.89 billion yuan ($300 million) in the first half of the year, with a profit drop of 710.44 percent year-on-year.

The company is one of the major steel producers in the country.

In the first half, large and medium-scale steel companies reported a total revenue of 1,795.75 billion yuan, down 3.34 percent year on year, according to data from the China Iron and Steel Association.

The profits of China's steel companies dramatically dropped 95.81 percent compared with last year to 54.55 billion yuan.

Analysts said the raw material costs and falling steel prices are the main reasons for the losses.

Meanwhile, the downstream demand, especially for medium and low-end products, has been weak. However, domestic output has been high.

dujuan@chinadaily.com.cn

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