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Angang Steel beats FY'18 profit guidance with 20% YOY jump

Angang Steel Co. Ltd.'s net profit attributable to shareholders for 2018 jumped 19.8% year over year to 7.95 billion Chinese yuan, or 1.09 yuan per share, beating the previous guidance.

The company adjusted its prior-year results after acquisition of Chaoyang Iron and Steel and Energy Technology. The attributable net profit figure for 2017 increased to 6.64 billion yuan, from 5.61 billion yuan, due to the adjustment.

Operating income for 2018 climbed 14.7% to 105.16 billion yuan, leading to a 58.64% surge in operating profit to 10.09 billion yuan, on a yearly basis.

On the production side, the company achieved a 2.66% year over year increase in iron output to 24.8 million tonnes, a 5.12% improvement in steel to 26.2 million tonnes and a 5.24% increase in rolled steel to 24.1 million tonnes.

Sales of rolled steel swelled 4.6% year over year to 24.1 million tonnes, the company said March 18.

As of March 18, US$1 was equivalent to 6.71 Chinese yuan.