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Maanshan Iron & Steel slumps to 4.8B yuan loss in FY'15

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Maanshan Iron & Steel slumps to 4.8B yuan loss in FY'15

Maanshan Iron &Steel Co. Ltd. said March 30 that its 2015 full-year net loss attributableto shareholders of the parent totaled 4.80 billion Chinese yuan, or 62.39 fen pershare, swinging from a profit of 220.6 million yuan, or 2.86 fen per share bookedin 2014.

The company flaggedthe loss in late January, attributing it to an intensification of overcapacity inthe steel sector, which saw the price of the commodity drop faster than that ofiron ore, its major raw material.

The board did not recommend a dividend payout.

Group revenue also fell to 45.11 billion yuan, from 59.82 billionyuan in 2014, mainly attributed to the price decline of steel products during theyear.

Net cash flows from operations came in at about 5.87 billionyuan, up from 2.91 billion yuan, with the increase getting offset by asset impairmentsof about 1.6 billion and 3.4 billion on depreciation.

During the reporting period, the group produced about 18.0 milliontonnes of pig iron, 18.8 million tonnes of crude steel and 18.3 million tonnes ofsteel products, marginally flat on a yearly basis.

In 2016, the group plans to produce 17.66 million tonnes of pigiron, 18.60 million tonnes of crude steel and 17.68 million tonnes of steel products.

As of March 29, US$1 wasequivalent to 6.51 Chinese yuan.