Angang Steel Company Ltd. on Aug. 30 said its net profit attributable to shareholders for the first six months of 2019 slumped 67.9% year over year to 1.43 billion yuan from an adjusted profit of 4.44 billion yuan a year earlier as steel prices weakened.
The company also attributed the drop in its earnings to higher prices of iron ore, a key steelmaking ingredient.
EPS fell 69% year over year to 14.6 fen.
The company's operating revenue was slightly up, increasing 0.42% on a yearly basis to 51.07 billion yuan.
Angang Steel's earnings after deducting non-recurring items fell by 61.1% year over year to 1.37 billion yuan.
As of Aug. 30, US$1 was equivalent to 7.15 Chinese yuan.
