Shandong Iron & Steel forgoes stake purchase option

Shandong Iron & Steel (SSE:600022) announced it will not exercise its right of first refusal to acquire additional shares in Shanjiao Sales Rizhao Co., Ltd., a company in which it currently holds an 18.54% stake. The decision comes as Shanjiao Sales Rizhao's shareholders, Shandong Jiuyang Group Co., Ltd. and Rizhao Port Co., Ltd., plan to transfer 4.29% and 9.43% of their respective holdings. Shandong Jiuyang Group Co., Ltd. does not have a defined buyer, but Rizhao Port's shares will be transfered to Rizhao Port Container Development Co., Ltd.. The decision was approved at the twelfth meeting of the eighth board of directors, which took place on May 15, 2025. The company states this move will not alter its existing stake in Shanjiao Sales Rizhao and will not have a material adverse effect on its financial condition or operations. As of the end of 2024, Shanjiao Sales Rizhao held total assets of CNY151,711.50 million and net assets of CNY134,803.27 million, with a net profit of CNY938.71 million on revenue of CNY641,768.57 million.