Chongqing Iron & Steel abandons Xingang Changlong merger

Chongqing Iron & Steel announced the termination of its planned merger with Chongqing Xingang Changlong Logistics, reversing a decision initially made in March 2023. The company cited evolving market conditions and its revised development strategy as the rationale for maintaining Xingang Changlong as an independent entity. Key financial data for Xingang Changlong shows revenues of RMB4,524,560 for the year ending December 2024 and RMB1,286,720 for the three months ending March 2025, with net profits of RMB378,950 and RMB318,750 for the same periods respectively. The steelmaker believes Xingang Changlong’s professional qualifications will provide value-added services to its supply chain, and that the termination will not negatively impact the company's equity, operations, or shareholder interests.