Maanshan Iron & Steel Co Ltd

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Maanshan Iron & Steel narrows net loss in 2026 interim report

Maanshan Iron & Steel released its 2026 interim report, with total operating revenue of 37.225 billion yuan and net profit attributable to the parent company of negative 69.8988 million yuan, an improvement of 4.8815 million yuan compared with the same period last year, marking a third consecutive year of narrowing losses. Net cash inflow from operating activities was 3.716 billion yuan, up 2.775 billion yuan year on year, an increase of 295.00 percent.

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Maanshan Iron & Steel narrows first-half loss to 69.9 million yuan

Maanshan Iron & Steel released its 2026 interim report. First-half operating revenue was 37.225 billion yuan, down 2.2 percent year on year. Net loss attributable to the parent was 69.9 million yuan, narrowing from a loss of 74.78 million yuan in the same period last year. Net loss attributable to the parent after deducting non-recurring items was 223 million yuan, widening from a loss of 108 million yuan a year earlier. Net operating cash flow was 3.716 billion yuan, up 295 percent year on year. In the second quarter, operating revenue was 19.51 billion yuan, up 4.6 percent year on year, while net loss attributable to the parent was 112 million yuan, down 262 percent year on year. As of the end of the second quarter, total assets were 80.785 billion yuan, down 1.2 percent from the end of the previous year, and net assets attributable to the parent were 23.961 billion yuan, down 0.3 percent. The company produced 9.25 million tonnes of pig iron, 10.02 million tonnes of crude steel and 9.93 million tonnes of finished billet and rolled products, down 1.18 percent, 3.19 percent and 1.64 percent year on year respectively.

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Critical Materials & Supply Chain

Six Major Steel Firms Submit First Mandatory ESG Reports, Climate Transition Plans Remain Fragmented

The 2026 annual reporting season marks the official arrival of mandatory ESG disclosure for A-shares. Six major steel companies subject to the new rules—Baosteel, Baotou Steel, Angang Steel, Maanshan Steel, Chongqing Iron and Steel, and CITIC Special Steel—have had their sustainability reports undergo rigorous regulatory scrutiny for the first time. None of the six firms included a dedicated, standalone chapter on a systematic transition plan; information was generally fragmented. However, all have established phased carbon peak and carbon neutrality target systems. Among them, CITIC Special Steel raised its 2030 target for reducing carbon emissions per tonne of steel from 5% to 10%. In terms of resource allocation, Baosteel and CITIC Special Steel explicitly disclosed dedicated investments in energy conservation and low-carbon initiatives. Baosteel's investment in energy saving and carbon reduction reached 3.2 billion yuan last year. However, none of the six mentioned plans for divesting or shutting down high-carbon assets. On direct measures, the six firms made breakthroughs across multiple low-carbon processes. For example, Angang Steel built a 10,000-tonne green electricity and green hydrogen fluidized bed hydrogen metallurgy pilot line, and Baosteel's Zhanjiang Steel put into operation a million-tonne hydrogen-based shaft furnace near-zero-carbon production line. In supply chain management, Baosteel and CITIC Special Steel led in Scope 3 emissions disclosure. Due to the lack of dedicated transition plans, emission reduction achievements and interim progress were not systematically presented. However, most companies met their phased green targets for 2025, with Baosteel's carbon emission intensity per tonne of steel dropping 8% cumulatively from 2020 levels. Greenpeace called on steel firms to add a dedicated climate transition plan section, providing more detailed equipment renewal and retirement timelines and low-carbon capital expenditure, to enhance disclosure transparency and facilitate transition financing.

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Critical Materials & Supply Chain

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Multiple steel companies issue first-half 2026 profit warnings, broadly forecasting losses

On the evening of July 14, several listed steel companies including Bengang Steel Plates, Lingyuan Iron and Steel, and Maanshan Iron and Steel disclosed their first-half 2026 earnings forecasts, broadly anticipating losses. Among them, Bengang Steel Plates expects a net loss attributable to shareholders of the listed company of 1.89 billion yuan, with the loss widening by 35.07 percent year-on-year. Lingyuan Iron and Steel forecasts a net loss attributable to shareholders of the listed company of between 770 million and 810 million yuan, an increase in losses compared with the same period last year. Xining Special Steel expects a net loss attributable to owners of the parent of approximately 303 million yuan, with the loss widening by 69 million yuan year-on-year. Maanshan Iron and Steel anticipates a net loss attributable to shareholders of the listed company of around 72 million yuan, narrowing the loss by about 3 million yuan year-on-year. Earlier, Angang Steel and Chongqing Iron and Steel also warned of first-half losses, while Valin Steel, though forecasting a profit of 200 million to 300 million yuan, sees a year-on-year decline of 82.84 to 88.56 percent. The industry's downturn persists, with the contradiction of strong supply and weak demand becoming more pronounced, and high and firm prices for raw materials such as iron ore and coal serving as the core triggers for the losses.

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