Angang Steel reports nearly $1 billion loss in 2024

Angang Steel Co Ltd, a major Chinese steelmaker, reported a nearly $1 billion loss for 2024. This loss highlights the ongoing crisis in China's steel industry, which has faced falling demand and prices. The company's net loss of 7.1 billion yuan, or about $981 million, more than doubled from the previous year. The steel industry is struggling after a two-decade boom driven by construction and industrial growth. Many companies have become unprofitable, and rising debts are a growing concern. Recent data shows that new growth sources are not enough to counter the slowdown in construction activity. Protectionism is adding to the industry's challenges, with tariffs on Chinese steel imports imposed by the US, India, and Vietnam. Although production levels remain high, analysts warn that this is unsustainable amid declining demand. Some experts believe there could be a recovery later this year. If domestic steel prices rise, Angang may reduce its losses in 2025, aided by potential government measures to cut production and address overcapacity.