Angang Steel Company Limited provided earnings guidance for the year ended December 31, 2015. For the year, the board of directors of the company announced that the company is expecting to record a significant decline in the net profit attributable to shareholders of the company of RMB 4,376 million or RMB 0.605 basic earnings per share compared to RMB 928 million or RMB 0.128 basic earnings per share a year ago. The estimated significant decline in the net profit attributable to shareholders of the company in comparison with the corresponding period of 2014 is primarily due to the fact that the price of steel dropped significantly during the year ended December 31, 2015 whereas the drop in the price of ore and coal was relatively lower.

The external market factors squeezed the profit margin of the company. Although greater efforts were made by the company to reduce costs and improve efficiency internally, it was not sufficient to cover the loss caused by the slump of steel price. At the same time, the company analyzed and made adjustment to deferred income tax in accordance with its taxable income, reducing the net profit attributable to shareholders of the Company by RMB 761 million.