Ba Yi Steel announces governance overhaul, capital adjustment, and investment plan reduction

Xinjiang Ba Yi Iron & Steel will abolish its supervisory board, transferring its functions to the Board’s Audit Committee, effective October 24, 2025. This change necessitated revisions to the company’s Articles of Association, which also reflect a reduction in registered capital from RMB 153,869.147 million to RMB 153,289.787 million following a share buyback and cancellation. The company's controlling shareholder will extend its non-competition commitment for an additional five years, expiring in 2030, due to ongoing integration efforts and market conditions. These changes require shareholder approval.

Additionally, the company announced a mid-year adjustment to its 2025 fixed asset investment plan. The revised plan outlines 26 projects totaling RMB 21,180 million, a reduction from the initial RMB 38,115 million. This adjustment, driven by strategic alignment and efficiency improvements, includes the cancellation of 22 projects and scaling back 12, focusing on initiatives that enhance production and product structure. A new RMB 3,500 million investment for a 3500mm pre-straightening machine at the rolling mill aims to improve high-strength steel production.

For the first nine months of 2025, Xinjiang Ba Yi Iron & Steel reported a 7.78% increase in operating income to RMB 5,883,831,679.83, but a net loss attributable to shareholders of RMB -572,018,336.75, an improvement from the RMB -1,445,416,890.68 loss in the same period last year. All these matters will be presented for approval at an extraordinary general meeting on November 11, 2025.