Jiugang Hongxing forecasts losses, appoints new executive

Gansu Jiugang Hongxing Iron & Steel (SSE:600307) announced it would not distribute profits for 2024 as audited by Zhongshen Zhonghuan Certified Public Accountants due to a net loss of CNY 2.617 billion and negative distributable profits. The losses are attributed to high raw material costs and low steel prices. For 2025, the company targets production of 753.5 tons of iron, 901.1 tons of steel (including 64 tons of stainless steel), and 881.9 tons of steel (including 59 tons of stainless steel), with revenue of CNY 35.3 billion. At the same time, it has named Cao Shihai as Deputy General Manager. While the company sees limited opportunities in the steel sector, the company appointed Shihai for his expertise and industry network.