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Angang Steel posts 41% YOY rise in Q3 earnings to 2.42B yuan

Angang Steel Co. Ltd said Oct. 10 that its net profit attributable to shareholders rose 41.1% year over year to 2.42 billion Chinese yuan for the three months ended Sept. 30.

Basic EPS reached 33.5 fen per share, compared with 23.7 fen per share reported a year earlier.

For the first three quarters, the company's net profit attributable to shareholders saw a yearly increase of 80.5% from a year earlier to 6.85 billion yuan. Basic EPS for the period rose to 94.6 fen, from 52.4 fen from a year earlier.

The company attributed its earnings growth to an optimized product structure, cost controls and profit from newly acquired unit Ansteel Group Chaoyang Iron and Steel Co. Ltd.

As of Oct. 10, US$1 was equivalent to 6.92 Chinese yuan.