Changes in Hong Kong stocks | Angang Steel Co., Ltd. (00347) fell more than 5% at the end of the session and is expected to lose more than 2 billion yuan in the first half of the year, and market-based clearance of the industry has begun to emerge

The Zhitong Finance App learned that Angang Steel Co., Ltd. (00347) fell more than 5% at the end of the session. As of press release, it had a decrease of 4.66% to HK$1.125, with a turnover of HK$13.659 million.

According to the news, Angang Steel Co., Ltd. recently released a performance forecast. It is expected to lose about 2,047 billion yuan in the first half of 2026, an increase of about 83.59% over the previous year. Looking at a single quarter, Angang Steel Co., Ltd. lost 1,457 million yuan in the first quarter, and is expected to lose about 590 million yuan in the second quarter. Despite a month-on-month improvement in the second quarter, the overall scale of losses in the first half of the year still hit a new high for the same period in recent years.

Cathay Pacific Haitong Securities released a research report saying that with the decline in real estate, the share of steel demand on the real estate side continues to decline, and it is expected that the negative drag effect of real estate on steel demand has clearly weakened; demand for steel in infrastructure and manufacturing is expected to grow steadily. Looking at the supply side, at present, about 60% of steel companies in the industry are still losing money, and market-based supply clean-up has already begun to emerge. We maintain expectations of supply-side contraction, and steel fundamentals are expected to gradually recover.