Maanshan Iron & Steel Plans Major Asset Scrapping

Maanshan Iron & Steel Co (HK:0323) has released an update.

Maanshan Iron & Steel Company Limited has announced the scrapping of 1,234 fixed assets valued at RMB2.73 billion due to equipment upgrades and outdated machinery. This move will result in an unaudited impact of RMB339 million on the company’s profit or loss for the current period. The decision was approved by the board and deemed compliant with accounting standards and company regulations.

For further insights into HK:0323 stock, check out TipRanks’ Stock Analysis page.