Angang Steel Company Limited provided earnings guidance for the three months ended March 31, 2016. For the period, the company expects net loss attributable to shareholders of the company of RMB 615 million net profit attributable to shareholders of the company of RMB 19 million a year ago. Basic loss per share was RMB 0.085 against basic and earnings per share of RMB 0.003 a year ago.

The estimated decline in the net profit attributable to shareholders of the company in comparison with the corresponding period of 2015 is primarily due to the fact that although the steel market has shown improvement during the three months ended March 31, 2016 as compared with the fourth quarter in 2015, and there has been a slight increase in the price of steel, there was still a relatively significant drop as compared with the corresponding period in the previous year.