Hangzhou Iron & Steel secures hedging plan, avoids profit distribution

** Hangzhou Iron & Steel Group [SSE:600126] will not pursue profit distribution or capitalization of reserves for 2024 due to an after-tax net loss of CNY -628.12 million, according to its annual report and related filings. However, the company plans to focus on high-end products and emerging markets in 2025. This will be achieved by implementing a hedging plan for 2025 that allows the company to actively manage commodity price and foreign exchange fluctuation risks, with positions up to USD 200 million for currency derivatives and CNY 208 million for commodity derivatives, as detailed in a company announcement. This hedging strategy excludes speculative trading. Additionally, management compensation remained unchanged to reflect challenging market conditions. In other news, a list of subidiaries under management of Hanggzhou Iron & Steel shows the impact on various branches and a list of external auditors.