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Angang Steel Co. Announces Successful Meeting Outcomes
Angang Steel (00347): Change of legal procedure agent.
Angang Steel (00347) announced that, according to the Securities Listing Rules of The Stock Exchange of Hong Kong Limited (Listing Rules)...
Hong Kong stocks movement | Some Steel stocks rise, the Steel Sector has a high proportion of undervalued stocks, and under Market Cap management, the valuation level is expected to recover.
Steel stocks have risen. As of the time of this report, CHONGQING IRON (01053) is up 4.21%, quoted at 0.99 Hong Kong dollars; MAANSHAN IRON (00323) is up 2.92%, quoted at 1.41 Hong Kong dollars; Angang Steel (00347) is up 2.65%, quoted at 1.55 Hong Kong dollars.
The trend of steel companies becoming more "outward" is significant, with steel exports exceeding 100 million tons, setting an eight-year record high.
① Due to the continuous decline in domestic Steel consumption, companies in the Steel Industry Chain are focusing on overseas markets as a key area for development. This year, steel exports exceeded 100 million tons, reaching a new high in eight years. ② Under policy guidance, the proportion of exports of medium to high value-added products has increased, showing a trend of change in the overall structure of domestic Steel exports from long products to flat products.
Is Angang Steel (HKG:347) Using Debt In A Risky Way?
The steel industry has faced downward pressure for three years; under the new cycle, calls for "production cuts" are increasing, and there is a need for "synchronous resonance" to respond to challenges and opportunities.
① The steel industry has been declining for three consecutive years, with the market experiencing a negative feedback cycle. It is expected that the apparent consumption of crude steel will be about 0.9 billion tons in 2024, and demand may continue to decline in 2025. The industry is facing various challenges and continues to move forward under pressure while actively seeking new development opportunities; ② "My Steel" predicts a 3% increase in steel for machinery in 2025, a 1.5% increase for autos, a 6.4% increase for shipbuilding, a 2.8% increase for home appliances, and a 5.5% increase for energy.
Strong Week for Angang Steel (HKG:347) Shareholders Doesn't Alleviate Pain of Five-year Loss
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