Angang New Steel

By: EconomyWatch   Date: 17 July 2010

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Angang New Steel is a company engaged in manufacture and sale of steel products like cold rolled sheets, hot rolled sheets, color coating plates and galvanized steel sheets. High tech steel products like silicon steel are also manufactured by Angang New Steel. It is ranked #731 on 2008 Forbes Global 2000 list.
Angang New Steel is fourth biggest producer of steel in People's Republic of China. It is listed in Hong Kong (SEHK: 0347) Stock Exchange.

Brief history
Angang New Steel Co. Ltd is a joint stock enterprise with clear responsibility and powers. It has distinct property rights. Angang New Steel engages in seven subsidiary enterprises with interest in machinery, metallurgy, construction of engines, chemical, engineering, technology, green building materials and electromechanical products. More than hundred sub-variants of these products are made.

Angang New Steel has a glorious history of innovation. Adhesive fish plate and insulate fish plate were designed and built by Angang. Another milestone product is microcrystaline glass produced by Microcrystaline Glass Factory. It is globally recognized as an environmental friendly building material.

Products and services
Angang New Steel produces and sells galvanized steel sheets, cold rolled sheets, hot rolled sheets and color coating plates. High technology silicon steel is also manufactured. Other major products include wire rods, large steel products, seamless steel pipes, and medium thick plates. Angang products are employed in ship-building, making home electrical appliances, automobile, railway construction industries, pipeline manufacturing, and construction.

Angang New Steel has passed international quality standards like ISO9001. It was made possible by utilizing human talent that are working in Angang. Presence of senior engineers and skillful mid-rank technicians makes conditions favorable to produce high quality products.

Financials
Market capitalization was around CNY 6.6 billion in third quarter of 2008. Net profit was calculated to be about CNY 2.273 billion. Total current employee strength is around 32,245 employees.

Current financial crisis
Angang New Steel suffered due to 2008 financial crisis. Raw material costs rose while prices of finished steel products like automobiles and property fell due to lower demand. This has adversely affected bottom lines of major steel companies including Angang New Steel. Share prices also dropped drastically during this period.

 


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