Angang Steel, the largest Chinese steel manufacturer, issued a financial report for 2024 and reported a net loss of 7,12 billion Yuan (about $ 981 million). This indicator is twice the company’s 2023 losses, Is said In the company’s statement.
Angang Steel explains his financial problems with a difficult economic situation in China, characterized by a deep crisis in the real estate sector and a decrease in general consumer demand.
“In 2024, the steel industry faced more deterioration in market conditions,” the report said.
The tendency to reduce steel demand in China has been confirmed for a large part of the year, which led to a record increase in the debt of steel companies and with losses.
Metallurgical companies in Russia began in February. repair Businesses against the background of a decrease in steel demand in the country.
Previously Known On the close destruction of the Ukrainian steel industry.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.