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Two of China’s biggest steel mills said their net income jumped in the third quarter, in a further sign that this year’s price rebound has eased troubles for the world’s biggest producer.
Angang Steel Co. shares rose to their highest in more than two months after it forecast net profit could nearly double in the first half, as the steelmaker slashed costs and benefited from improving margins....
Angang Steel Co., China’s fourth-largest mill by output, said first-half earnings fell by 73 percent as the market price for steel products in China declined because of oversupply. “In the first half of 2015, amid the continuous slowdown of domestic growth, there was still an aggravated mismatch between the supply and demand in the iron and steel industry with significant decrease in the market price of steel products,” the company said in a statement to the Hong Kong Stock Exchange after the market closed. The average price for steel reinforcement-bar tumbled 24 percent in the first six months from a year ago, as mills face overcapacity and slumping demand in China.