China Stocks: Angang, Camel, Maanshan Iron & Steel, Sany Heavy
Steelmakers: Angang Steel Co. (000898) (000898 CH) slumped 4.4 percent to 4.58 yuan, its biggest slide since Nov. 30. The steelmaker probably had a net loss of 2.15 billion yuan ($340.8 million) last year because of higher costs and lower product prices, compared with a profit of 2.05 billion yuan in 2010.
Maanshan Iron & Steel Co. (600808 CH), China’s fourth- largest listed steelmaker, lost 0.8 percent to 2.56 yuan. Nanjing Iron & Steel Co. (600282 CH) dropped 1.7 percent to 2.87 yuan. Both companies said net income for 2011 may have plunged by more than 50 percent.
Camel Group Co. (601311) (601311 CH) surged 9.7 percent to 21.12 yuan, the most since July 27. The manufacturer of lead-acid batteries plans to offer 10 bonus shares and four yuan for every 10 shares held, Camel said in a statement yesterday. Camel’s net income probably rose 21 percent from a year earlier in 2011, according to the statement.
Sany Heavy Industry Co. (600031) (600031 CH), the biggest Chinese machinery maker, gained 1.6 percent to 14.21 yuan. The construction-equipment maker run by China’s richest man and a partner will pay 360 million euros ($472 million) for German concrete-pump maker Putzmeister Holding GmbH to add technology and expand abroad.
--Zhang Shidong. Editor: Chan Tien Hin
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