Angang Steel (00347) released its annual performance in 2024, with a net loss attributable to shareholders of 7.122 billion yuan, an increase of 118.8% year-on-year.

Angang Steel (00347) announced its performance for the year 2024, with operating income of 105.01 billion yuan, a year-on-year decrease of 9.06%. The net loss attributable to shareholders of the listed company was 7.122 billion yuan, an increase of 118.8% year-on-year, with a basic loss per share of 0.759 yuan. In 2024, the company actively responded to the severe market situation, stabilizing production, focusing on reform, reducing costs, and improving efficiency. It accelerated innovation and transformation, tackled difficulties, improved development quality, and made remarkable progress in the construction of "five-type enterprises". In combination with market conditions, the company intensified production scheduling and efficiency control, optimized production organization, and completed annual production of iron, steel, and materials at 24.3029 million tons, 25.4422 million tons, and 23.9754 million tons respectively, representing a decrease of 4.53%, 4.45%, and 2.54% year-on-year. Steel sales were 23.9513 million tons, a decrease of 3.64% year-on-year, achieving a steel production-sales ratio of 99.90%. In 2024, the steel price index of the industry continued to decline, while the ore price index remained at a high level. The weak market situation in the steel industry further intensified, leading to an overall loss in the steel main business. Influenced by the continuous downturn in downstream demand, weak cycle, and low business sentiment in the steel industry, the market price difference between supply and sales rapidly narrowed, squeezing the company's profit space. Faced with downward pressure in the steel market, the company strengthened market analysis at the procurement end, promoted opportunistic procurement, enhanced product quality and efficiency at the sales end, expanded exports, and improved operational efficiency and cost reduction at the production end. The company strictly controlled expenses, focused on reducing losses, but the impact of the continuous narrowing of profits at both ends of the purchase and sales markets could not be completely offset, leading to an increase in losses. The company achieved a new improvement in its dual carbon management capability. In relation to organizational carbon and product carbon, the company conducted carbon planning, carbon control, carbon monitoring, carbon reporting, and carbon optimization, improving the "dual carbon" work system. The company reduced its carbon dioxide emissions per million yuan of output by 1.4% compared to the previous year. Carbon efficiency levels for hot-rolled coil products reached grade E, and the company's low-carbon emission steel products were listed in the first batch of China's low-carbon emission steel products by the China Iron and Steel Industry Association. Based on the blast furnace-basic oxygen furnace production process, the company successfully produced low-carbon emission steel products such as ultra-low carbon steel for automobiles and low-alloy steel, which reduced carbon by over 30% to meet customer demand. The company achieved new results in its green and low-carbon transformation. The Bayuquan Branch became the first A-level environmental performance enterprise in the Northeast region and the best practice benchmark for dual carbon in the Ansteel Group. Clean transportation and ultra-low emission transformation projects at Chaoyang Iron and Steel in Anshan Base were publicly recognized by the Steel Association. The Bayuquan Branch and Chaoyang Iron and Steel successfully connected efficient power generation projects, with the Bayuquan Branch's coke oven gas liquefied natural gas (LNG) co-production hydrogen project put into operation. The hydrogen metallurgy pilot line completed a systematic heat load test and successfully produced direct reduced iron.