Gelonghui, March 20, 丨 Iron and Steel (01029.HK) announcement, according to the preliminary assessment of the Group's unaudited comprehensive management accounts for the year ended 31 December 2023 and the information currently available to the Group's management, the Group expects to record profit attributable to the owners of the company during the period ending 31 million US dollars to 10 million US dollars (for the year ended 31 December 2022: profit attributable to the company owner (excluding asset impairment) of US$15 million).
The board of directors believes that compared with the same period last year, the decline in the expected financial performance of the Group during this period is mainly due to a decrease in the market price of iron ore. The sales price of K&S products is determined by referring to the international Platts spot price of 65% iron concentrate. During this period, due to the average spot price of 65% iron concentrate containing 65% iron at US$132 per ton, down 5% from the average of US$139 per ton in the same period last year, the sales price of K&S products also declined.