Maanshan Iron & Steel Company Limited reported its 2026 interim results, highlighting a smaller net loss, stronger cash generation and continued cost-cutting initiatives.

Revenue for the six months to 30 June 2026 slipped 2.23 % year on year to RMB 37.22 billion, reflecting softer steel prices and lower shipment volumes. Despite the top-line decline, total profit edged up 1.86 % to RMB 119.90 million, helped by operational efficiencies.

The net loss attributable to equity holders narrowed to RMB 69.90 million, versus a RMB 74.78 million loss a year earlier. Basic and diluted earnings per share both remained at –RMB 0.01.

Aggressive working-capital management boosted operating cash flow to RMB 3.72 billion, up from RMB 0.94 billion in the prior-year period. Net cash outflow from investing activities widened to RMB 5.63 billion, mainly due to time-deposit placements, while net financing cash flow swung to a RMB 1.68 billion outflow after loan repayments.

First-half crude-steel production fell 3.19 % to 10.02 million tonnes, pig-iron output slipped 1.18 % to 9.25 million tonnes and finished-steel output declined 1.64 % to 9.93 million tonnes.

Cost-reduction programmes delivered notable savings: ironmaking, energy, logistics and quality-related costs at the main Magang Limited subsidiary were cut by a combined RMB 1.09 billion versus the 2025 average.

Total assets stood at RMB 80.78 billion; net assets attributable to shareholders were RMB 23.96 billion. The debt-to-asset ratio improved by 0.55 percentage points to 55.12 %.

The board did not recommend an interim dividend. Management cited ongoing market softness, heightened raw-material costs and continued efforts to optimise product mix, enhance efficiency and strengthen ESG performance.

Looking ahead to the second half, the company aims to deepen product differentiation—particularly in automotive steel, high-speed rail wheels and special steels—while completing key expansion projects and maintaining strict cost discipline.

Maanshan Iron & Steel’s WIND ESG rating was lifted to AA during the period, and no major environmental or safety incidents were reported.