Date
16 October 2018

Maanshan Iron to cut 3.6 bln yuan in costs this year, paper says

Anhui-based Maanshan Iron & Steel Co. Ltd. (00323.HK, 600808.CN) aims to save 3.6 billion yuan (US$590.27 million) this year through cost cuts, helping the company to improve profit, the Securities Times reported Thursday, citing chairman Ding Yi. The savings will flow from better links between production, supply and distribution; greater focus on high-end products; and the launch of a new performance review and incentive policy, Ding was quoted as saying. He also said the company’s sale of non-core assets could help bring in 3.8 billion yuan in cash and cut about 200 million yuan in expenses a year from 2014, the report said.

– Contact HKEJ [email protected]

TL/AC/SK

 

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