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Public company info - Angang Steel Co. Ltd. - H Shares , 00347.HK

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Angang Steel Co. Ltd. - H Shares, 00347.HK - Company Profile
Chairman Wang Yidong
Share Issued (share) 1,412,000,000
Par Currency Renminbi
Par Value 1.0
Industry Steel
Corporate Profile Business Summary: The Company is a major steel manufacturer in the PRC. Its principal business includes production and sale of products including hot rolled products, cold rolled products, medium and thick plates and other steel products. Performance for the year: Operating income amounted to RMB100,903 million Profit attributable to shareholders of the Company amounted to RMB1,978 million Business Review The Group recorded a net profit attributable to shareholders of the Company of RMB1,978 million and basic earnings per share of RMB0.210 for the year ended 31 December 2020. Net profit attributable to shareholders of the Company was RMB1,787 million and basic earnings per share was RMB0.190 for the year ended 31 December 2019. 1. Achieved New Improvement in Operating Results In 2020, the Company made efforts to overcome the impact of the pandemic and achieved stable improvement in profitability. In 2020, the Group achieved an operating income of RMB100,903 million, representing a decrease of 4.44% over the previous year. The total profit reached RMB2,403 million, representing an increase of 21.86% over the previous year. The net profit attributable to shareholders of the Company was RMB1,978 million, representing an increase of 10.69% over the previous year. The basic earnings per share was RMB0.210, representing an increase of 10.53% over the previous year. In 2020, the Group produced 25,870,000 tons of iron, representing an increase of 0.06% over the previous year; 26,480,000 tons of steel, representing a decrease of 2.46% over the previous year; and 24,570,000 tons of rolled steel, representing a decrease of 3.33% over the previous year. Sale of rolled steel amounted to 24,610,000 tons, representing a decrease of 5.02% as compared with the previous year. The Group achieved a sales-output ratio of 100.16%. 2. Deepened the Reform to Release New Vitality for its Development The Company started the comprehensive reform with the breakthrough point of power delegation and authorization. The Company established a differentiated management and control system, and adopted a differentiated authorization principle to implement the policies by classification. The Company improved the differentiated distribution mechanism, and established a common benefit mechanism between the enterprises and the employees, so that the income would be skewed toward the productive units and the front-line positions under difficult conditions. The Company streamlined administration and delegated power to the lower levels, and strengthened the whole-process supervision to ensure the power to be exercised in an accurate, standardized and efficient manner. The Company adhered to its focus on “Authorization+Common Benefit”, and established a market-oriented and efficient operation mechanism to further stimulate the inner vitality and motivation of the enterprise. The Company implemented the 2020 Restricted Share Incentive Scheme to fully motivate the core and key employees. 3. Recorded New Achievements in Cost Reduction and Efficiency Increasing The Company played the leading role of benchmarking, took finance as the core, and focused on the key links to conduct comprehensive benchmarking, thus continuously reducing the cost of the production lines by finding the gaps, identifying the targets and making up for shortcomings. The Company optimized the procurement strategies, extended the procurement channels, and innovated the procurement methods to reasonably adjust inventory procurement, achieving remarkable results in ensuring supply and reducing procurement. The Company strengthened the innovative management on logistics intensification and reduction, promoted green and ecologic logistics, and effectively decreased the logistics costs; it enhanced the management and control on energy system, and recorded a significant year-on-year decrease in the cost of outsourcing energy. The Company reduced the financing scale, lowered the loan interest rates, and reduced the financing scale of RMB4.3 billion for the whole year, representing a year-on-year decrease of RMB317 million in the financial expenses. 4. Made New Breakthroughs in Technological Innovation The Company strengthened the breakthroughs for key and core technologies, effectively promoted the technology research and development for development bottleneck breakthrough, and achieved milestone results in key research and development projects such as “critical manufacturing and application technology of steel for high strength corrosion resistant auto body and bogie structure of high speed trains (高強耐蝕車體和高鐵轉向架構架用鋼關鍵製造與應用技術)”. The “development and application of oxidation behavior control technology in steel hot-rolled process(鋼材熱軋過程氧化行為控制技術開發及應用)” participated by the Company was awarded the Second Prize of National Science and Technology Progress, and 15 projects, including the key technology of high efficiency and green smelting of large converter clean steel (大型轉爐潔淨鋼高效綠色冶煉關鍵技術), won the Provincial Science and Technology Progress Award. The national key laboratory has been comprehensively strengthened. In 2020, 535 patents were authorized by the state, including 52% of invention patents. The Company was identified as one of the First Batch of Highvalue Patent Cultivation Centers in Liaoning Province. The Company deepened the construction of “One Plant, One Office and One Room”, closely combined the scientific research with the field, to promote 66 key projects, thus solving the production difficulties in an all-round way and breaking the technical bottlenecks. The Company successfully developed 316H stainless steel for the fourthgeneration nuclear fast reactor project, completed the world premiere of cryogenic steel for ships and high strain steel plates for deep-sea pipelines with thickness of 31.8mm, and successfully applied the steel for the high-speed train bogies in the 350 km/h high-speed trains. 5. Achieved New Results in Market Development The Company established a strategic marketing layout, and promoted the integration of production, marketing and research, so as to create an outstanding service brand. The Company strengthened communication with the key downstream customers and continued to deepen strategic cooperation, with the proportion of direct supply reaching over 70%. The Company enhanced customer service and established a good communication channel and demand feedback platform. The sales volume of the hit products reached 38.6%, the number of bids won for key projects increased year-on-year, and the market share of key products continued to increase. The Company strengthened its brand building, which continuously improved its brand influence. In 2020, the Company won several awards, including the Hisense Group Strategic Mutual Trust Award, the Best Procurement Partner Award for Dongfeng Nissan Passenger Vehicles and the FAW Jiefang Supply Guarantee Award. The Group actively responded to the “Belt and Road” Initiative and successfully supplied materials for overseas projects such as the Dapilon-Santou Railway in Guinea and the Bangladesh’s Padma Bridge. 6. Made New Progress in Smart Manufacturing The Company accelerated the pace of smart manufacturing. The Company launched the overall management and informationization improvement project, implemented the upgrade of ERP system, the transformation of the intelligent production line of showed initial results, and 46 projects, including the intelligent centralized control project on the hot rolling process of the 2150 Production Line, were put into operation. The Company’s self-developed “5G Industrial Network + Smart Steelmaking” has achieved industrial application in the steelmaking plant and won the National APP Outstanding Solution Award. The Steel whole Process Quality Big Data Solution was successfully selected as a pilot demonstration project on the Industrial Internet Platform by the Ministry of Industry and Information Technology, and Bayuquan Iron & Steel Branch Company achieved online and remote digital control of the whole process energy medium. 7. Took New Steps for Green and Low-carbon Development The Company has achieved remarkable results in its environmental governance work. In 2020, the Company released and implemented 40 environmental protection transformation projects with projects investment of RMB1.42 billion. The Company implemented the ecological environmental protection plan, and specially completed the project of the dust control and the roofing and closing of the injection coal in Lingshan Yard and other ultra-low emission transformation projects. The Company promoted the comprehensive utilization of solid waste and turned sludge generated in the hot rolling process into wealth. The Company strengthened the treatment of pollutant emissions, with drainage per ton of steel, COD and sulfur dioxide falling 61.2%, 40% and 3.6% respectively. According to the “Master Planning and Design Program for the Forest-style Green Ecological Factory “, the Company organized and completed some of the garden landscape and shelterbelt projects in the factory area, making its main factory area a new bright spot in the green city development of Anshan City and marking a solid step towards the goal of “integrating into the city, surpassing the urban area, and making symbiosis development”. Prospects: The year of 2021 is the first year of China’s “14th Five-Year” Plan, and also the first year of establishing a new Angang with high quality development. Both opportunities and challenges coexist in the year. Internationally, the control of global COVID-19 pandemic still faces great challenges. Geopolitical risks still exist and there are many uncertainties in the international environment. Domestically, China’s economy has entered a new stage of development, and is speeding up the establishment of a new development pattern, which takes domestic macro circulation as the mainstay, with domestic and international dual circulation reinforcing each other. In view of the supply side, the ultra-low emission transformation will further promote the green development of the industry, and the tightening capacity replacement standards will be conducive to regulating the domestic steel production capacity. In view of the demand side, the real estate investment remains resilient, the infrastructure investment continues to pick up, and the manufacturing industry accelerates the upgrading, driving demand to maintain a good situation. Nevertheless, the prices of iron ore, coke and other raw fuel continue to rise and the environmental protection costs keep growing, reducing the profit margin of steel enterprises. In general, China will continue to implement positive fiscal policy and prudent monetary policy in 2021, which will play a strong supporting role in the national economic recovery and development. Meanwhile, the in-depth promotion of Northeast Revitalization Strategy will create favorable conditions for the Company’s reform and development.

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