Lingyuan Iron & Steel reports significant losses, leadership changes

Lingyuan Iron & Steel Co., Ltd. reported a net loss attributable to shareholders of CNY 843.68 million for the first nine months of 2025. This decline is attributed to steel price reductions outweighing cost savings. Total operating income for the period was CNY 11.76 billion, with Q3 revenue at CNY 4.38 billion. The company’s total assets stood at CNY 15.12 billion, a slight decrease from the end of 2024. Production data shows a 13.77% decrease in profile steel and a 2.69% decrease in plate and strip output in Q3 2025 compared to the previous year.

The company announced the appointment of Mr. Yu as the new board secretary, replacing Mr. Wang, who resigned along with former general manager Ma Yumin and vice general managers Li Jingdong and Huang Wei. Additionally, the company will write off bad debts of CNY 18.104 million related to its subsidiary, Lingyuan Steel Pipe Co., Ltd., and assume its liabilities, impacting the parent company’s profit and loss statement.

Shareholders are set to convene on November 10, 2025, to approve the 2026 production and operating financing plan and the re-appointment of BDO China Shu Lun Pan Certified Public Accountants LLP as the company’s auditor for 2025-2027. The audit fee is capped at CNY 1.13 million annually, with internal control audit fees not exceeding CNY 0.11 million.