Angang Steel: Expected Net Loss of Approximately 3.257 Billion Yuan in 2023"

Angang Steel announced that it is expected to have a net loss of approximately 3.257 billion yuan in 2023, compared to a net profit of 108 million yuan in the same period last year after adjustment. In 2023, the steel industry continued to experience a weak market situation, with sustained weak downstream demand and steel prices showing a low-level oscillating trend. Although the raw material end has moved downward in tandem, the decline is far lower than the sales end. In the face of downward pressure in the steel market, the company is focusing on marketing, strengthening resources towards profitable products, and seeking opportunities to reduce purchasing costs, while also lowering manufacturing costs. However, due to the continuous narrowing of the market at both ends of supply and sales, the company has experienced operational losses.