Most Chinese Steel Mills Posted Lower Profits In First Quarter Except for Two Companies

Of the 26 listed iron and steel smelting companies in the first quarter of this year, 24 reported declining profits or increasing losses. Maanshan Iron & Steel Co., Ltd. (600808.SH) and Taigang Stainless Steel (000825.SH) reported losses, with a quarterly loss exceeding 500 million yuan.

Zou Jixin, chairman of Baosteel (600019.SH), said that the fall in steel prices had negatively affected the company's operating profit in the first quarter.

In the first quarter, only Liuzhou Iron & Steel Co., Ltd. (601003.SH) and JISCO Hongxing (600307.SH) reported higher profit due to special reasons.

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