Posted on 14 Mar 2024
CITIC Pacific Special Steel Group Co (CITIC Pacific Special Steel), part of the huge Hong Kong conglomerate and China's leading special steel producer, recorded a 15.94% on-year increase in its business revenue last year to Yuan 114 billion ($15.86 billion), while its net profits declined by 19.48% on year to reach Yuan 5.72 billion, according to the company's latest annual report for 2023 released on March 13.
For the full year of 2023, CITIC Pacific Special Steel produced a total of 19.86 million tonnes of special steel products, rising by 23.24% on year, while its specialty sales volume reached 18.89 million tonnes last year, climbing by 24.45% from 2022 and hitting a new record, the report noted.
Notably, the steelmaker's exports of special steel soared by 50.1% on year to reach 2.38 million tonnes last year, generating higher gross profits when compared with its domestic sales, the report pointed out.
Despite global uncertainties ahead, CITIC Pacific Special Steel remains optimistic about China's manufacturing industry, believing that the country's long-term demand for special steel in the automobile, bearings, and energy sectors will be relatively high, the report noted.
For 2024, CITIC Pacific Special Steel aims to achieve 19.2 million tonnes of special steel sales, with an export target set at 2.8 million tonnes, its annual report showed.
Headquartered in Wuxi city in East China's Jiangsu province, CITIC Pacific Special Steel has an annual production capacity of 20 million tonnes of special steel and operates five production bases nationwide, namely two in Jiangsu, one in East China's Shandong, one in Central China's Hubei, and one in North China's Tianjin, Mysteel Global notes.
The steelmaker mainly produces alloy steel bars and wire rods, special steel medium plates, special steel seamless pipes, and alloy steel blooms for customers in the auto components, energy, machinery manufacturing, oil and petrochemicals, transport and shipbuilding sectors, it says.
Source:Mysteel Global
