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Angang Steel H1'19 earnings slump YOY

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.