Angang Steel H-shares upgraded to Buy from Sell at Goldman Sachs

Goldman Sachs upgraded Angang Steel (ANGGF) H-shares to Buy from Sell with a price target of HK$2.40, up from HK$1.10 and A-shares to Hold from Sell with a price target of RMB 2.60, up from RMB 1.50. Unit profit for the company remains depressed, but the firm sees improving outlook in 2025, driven by more stabilized demand and supply discipline, the analyst tells investors in a research note. Goldman adds that it sees steel demand stabilizing on return of infrastructure and solid consumption in flat products.