Ansteel Corporation lost 7 billion yuan in 2024, but chairman’s salary rose by 85%

Ansteel Corporation (Ansteel) reported a loss of 7 billion RMB in 2024, but the chairman’s salary surged by 85%, while the salaries of Ansteel employees decreased.

According to the Annual Report for the year 2024 released by Ansteel on March 31, the net profit attributable to shareholders in 2024 decreased by 118.8% year-on-year, amounting to -7.122 billion RMB. In 2023, the net profit attributable to shareholders was -3.255 billion RMB, indicating a consecutive two-year decline in Ansteel’s net profit. Additionally, the financial data such as total operating income also performed poorly, with a year-on-year decrease of 9.06%, and non-GAAP net profit decreasing by 117.25%.

With the decline in profit, the number of Ansteel employees has also been reduced. According to financial news from the mainland on April 1, from 2023 to 2024, the number of Ansteel employees decreased from 26,964 to 25,028, and the average salary per employee reduced from 166,300 RMB to 159,900 RMB.

However, while employee salaries are decreasing, the chairman of Ansteel, Wang Jun, saw his salary rise from 240,900 RMB in 2023 to 445,800 RMB in 2024. Wang Jun serves as the chairman, executive director, and party secretary of the company, having joined the company in 1990 and holding various important positions.

Public records indicate that Ansteel Corporation is headquartered in Anshan City, Liaoning Province. Ansteel was established in 1916, formerly known as Anshan Iron and Steel Plant and Showa Steel Plant. Anshan Iron and Steel Company was founded in 1948.

Ansteel Group’s core enterprise, Ansteel Corporation, was listed on the Hong Kong Stock Exchange and the Shenzhen Stock Exchange in 1997. The company mainly engages in the steel manufacturing industry and operates three major production bases in Anshan, Yingkou, and Chaoyang.

As of 11:30 on April 2, Beijing time, Ansteel Corporation’s stock was priced at 2.42 RMB per share, a decrease of 0.82%, with a total market value of 22.674 billion RMB.