Angang Steel cuts losses in first half, board approves governance updates

Angang Steel reported a net profit of CNY -1,144 million for the first half of 2025, a significant improvement from the CNY -2,689 million loss in the prior year. Total assets stood at CNY 98,421 million, with a net cash flow from operating activities of CNY 405 million. The company's semi-annual report for 2025 and its summary were approved by the board, along with the appointment of Mr. Tian Yong as general manager and his nomination as an executive director.

The board also approved revisions to the "Audit and Risk Committee (Supervisory Committee) Terms of Reference," "Nomination Committee Terms of Reference," and "Remuneration and Assessment Committee Terms of Reference" to enhance corporate governance. Furthermore, the board decided to delist Ningbo Angang International Trade Co., Ltd. to optimize its industrial layout. An extraordinary general meeting is scheduled for September 19, 2025, to seek shareholder approval for these resolutions.

The risk assessment report for Angang Steel Group Finance Co., Ltd. (a related party) confirmed its legal operating licenses and good financial performance, meeting all regulatory requirements as of June 30, 2025. Total deposits from Angang Steel and its listed subsidiaries with Angang Steel Group Finance Co., Ltd. amounted to CNY 29.41 bn.