Angang Steel Company Limited released its unaudited results for the three months ended 31 March 2026. The downturn in the steel market, coupled with planned maintenance shutdowns, weighed heavily on profitability.
Operating Results • Operating revenue dropped 12.19% year-on-year to RMB 22.02 billion. • The gross purchase-sale price gap narrowed as selling prices fell faster than raw-material costs, leading to a net loss attributable to shareholders of RMB 1.46 billion, compared with a RMB 0.55 billion loss in the prior-year period. • Excluding extraordinary items, the net loss widened to RMB 1.47 billion. • Basic and diluted losses per share were both RMB 0.156, versus RMB 0.059 a year earlier. • Weighted average return on net assets deteriorated to –3.38%, down 2.21 percentage points.
Cash Flow and Liquidity • Net cash generated from operating activities rose 22.57% to RMB 467 million, supported by inventory reductions that offset the decline in profit. • Net cash used in investing activities narrowed by RMB 626 million to an outflow of RMB 947 million, reflecting lower capital expenditures and reduced time-deposit placements. • Financing cash flow turned positive at RMB 768 million, driven by higher net bank borrowings, lifting cash and cash equivalents to RMB 4.20 billion at quarter-end, up RMB 0.29 billion from year-end 2025.
Balance Sheet Highlights (31 March 2026) • Total assets stood at RMB 94.53 billion, down 1.58% from year-end 2025. • Inventories declined 8.63% to RMB 10.96 billion. • Owners’ equity attributable to shareholders slipped 3.26% to RMB 42.45 billion, primarily due to retained-earnings erosion. • Total liabilities edged down 0.23% to RMB 50.95 billion; non-current liabilities increased on higher long-term borrowings, while current maturities of long-term debt fell after scheduled repayments.
Cost and Expense Movements • Other income increased by RMB 120 million, benefiting from higher VAT rebates. • Investment income fell by RMB 39 million, reflecting weaker returns from associates and joint ventures. • Asset-impairment losses surged by RMB 132 million amid larger inventory write-downs. • Financial expenses grew to RMB 107 million, with interest expense at RMB 110 million, partially offset by RMB 8 million of interest income.
Non-Recurring Items Extraordinary gains totaled RMB 10 million, mainly government grants of RMB 24 million, partially offset by RMB 12 million losses on disposal of non-current assets.
Shareholder Structure As of 31 March 2026, Angang Steel had 98,731 registered shareholders. Anshan Iron & Steel Group remained the controlling shareholder with a 53.97% stake, followed by HKSCC Nominees Limited at 14.96% and China National Petroleum Corporation at 9.02%.
Corporate Actions • On 16 March 2026, an independent non-executive director completed his six-year term and resigned. • On 30 March 2026, the board approved acquiring 80% of Angang Yingkou Port Co., Ltd. from the parent group.
Audit Status The first-quarter financial statements have not been audited.