CITIC Pacific Special Steel Group Co Ltd

CITIC Pacific Special Steel Group's wholly owned subsidiary Taifu Kechuang Special Steel Shanghai has completed all delivery work for its acquisition of a 100% stake in Fujingte Limited from Guangzhou Airport Industry Investment Group for 1.51 billion yuan. Taifu Kechuang has paid the full transaction consideration, and Fujingte has updated its register of members, becoming an indirectly held wholly owned subsidiary of the company and being included in the company's consolidated financial statements. Fujingte is the wholly controlling shareholder of Stemcor Global Holdings Limited and, through Stemcor Holdings, holds 33 subsidiaries and multiple branches or representative offices under it. The transaction was first disclosed on 31 December 2025, and the company said all closing conditions had been satisfied and all delivery procedures had been completed.

CITIC Special Steel released its 2026 interim report, with net profit attributable to the parent company of 2.99 billion yuan, an increase of 192 million yuan compared with the same period last year, up 6.85% year on year, marking a second consecutive year of growth. The company's total operating revenue was 53.672 billion yuan, a decrease of 1.043 billion yuan from the same period last year, down 1.91% year on year. Net cash inflow from operating activities was 3.902 billion yuan, a decrease of 1.375 billion yuan from the same period last year, down 26.06% year on year. The company's latest asset-liability ratio was 56.76%, down 0.12 percentage points from the previous quarter and down 3.37 percentage points from the same period last year. The latest gross margin was 14.77%, up 0.34 percentage points from the previous quarter and up 0.40 percentage points from the same period last year. Diluted earnings per share were 0.59 yuan, an increase of 0.04 yuan from the same period last year, up 7.27% year on year.

The 2026 annual reporting season marks the official arrival of mandatory ESG disclosure for A-shares. Six major steel companies subject to the new rules—Baosteel, Baotou Steel, Angang Steel, Maanshan Steel, Chongqing Iron and Steel, and CITIC Special Steel—have had their sustainability reports undergo rigorous regulatory scrutiny for the first time. None of the six firms included a dedicated, standalone chapter on a systematic transition plan; information was generally fragmented. However, all have established phased carbon peak and carbon neutrality target systems. Among them, CITIC Special Steel raised its 2030 target for reducing carbon emissions per tonne of steel from 5% to 10%. In terms of resource allocation, Baosteel and CITIC Special Steel explicitly disclosed dedicated investments in energy conservation and low-carbon initiatives. Baosteel's investment in energy saving and carbon reduction reached 3.2 billion yuan last year. However, none of the six mentioned plans for divesting or shutting down high-carbon assets. On direct measures, the six firms made breakthroughs across multiple low-carbon processes. For example, Angang Steel built a 10,000-tonne green electricity and green hydrogen fluidized bed hydrogen metallurgy pilot line, and Baosteel's Zhanjiang Steel put into operation a million-tonne hydrogen-based shaft furnace near-zero-carbon production line. In supply chain management, Baosteel and CITIC Special Steel led in Scope 3 emissions disclosure. Due to the lack of dedicated transition plans, emission reduction achievements and interim progress were not systematically presented. However, most companies met their phased green targets for 2025, with Baosteel's carbon emission intensity per tonne of steel dropping 8% cumulatively from 2020 levels. Greenpeace called on steel firms to add a dedicated climate transition plan section, providing more detailed equipment renewal and retirement timelines and low-carbon capital expenditure, to enhance disclosure transparency and facilitate transition financing.