Anyang Iron & Steel seeks shareholder approval for key transactions

** Anyang Iron & Steel (SSE:600569) will convene its annual general meeting (AGM) seeking shareholder approval for key transactions and proposals. A central focus is securing approval for related-party transactions, including borrowing up to CNY 350 million from Anyang Iron & Steel Group and CNY 250 million from its subsidiary, Zhoukou Iron & Steel. Shareholders will also vote on a CNY 503.99 million fixed asset investment plan focused on modernization and expansion of facilities, including the Zhoukou Iron & Steel project. The AGM will also address the election of directors and compensation levels, and the re-appointment of auditors. Shareholders will also consider proposals to eliminate the supervisory board, amend the company charter, and authorize a private placement. Financial results for 2024 reveal a CNY 29.64 billion revenue. However the company faces significant losses attributed to market downturns and investments. The report highlights efforts to improve production efficiency, reduce costs, and promote specialization in steel manufacturing.