Maanshan Iron & Steel Q3 profit rises, proposes accounting firm change

Maanshan Iron & Steel Company Limited announced operating data for the first three quarters of 2025, reporting production volumes of 706,000 tonnes for long products, 722,000 tonnes for plate products, 19,000 tonnes for wheels and axles, and 73,000 tonnes for commercial billets. Sales volumes were broadly in line with production. Average selling prices were CNY 3,128/tonne for long products, CNY 3,659/tonne for plate products, CNY 11,104/tonne for wheels and axles, and CNY 4,601/tonne for commercial billets. The company reported revenue of CNY 19,496,655,926 for the quarter and CNY 57,572,189,470 for the first nine months. Net profit attributable to shareholders was CNY 158,409,222 for the quarter and CNY 83,628,906 for the first nine months, with operating cash flow reaching CNY 4,324,134,550 for the nine-month period.

The Board of Directors approved a change in the accounting firm for 2025, proposing Deloitte Touche Tohmatsu Certified Public Accountants to replace Ernst & Young Hua Ming LLP. This change is due to the indirect controlling shareholder, China Baowu Steel Group Co., Ltd., rotating its accounting firms and is pending shareholder approval.

Additionally, the board and supervisory committee approved amendments to the "Articles of Association," including the abolition of the Supervisory Committee, with its functions transferred to the Board of Directors' Audit and Compliance Management Committee. These amendments will be submitted to shareholders for approval. The board also approved the cancellation of a guarantee provided to Maanshan Iron & Steel (Hong Kong) Co., Ltd., amounting to not more than the equivalent of CNY 3 bn, as the guarantee was never utilized.