Taigang Stainless to hedge FX risk with derivatives
Shanxi Taigang Stainless Steel (SZSE:000825) announced plans to conduct foreign exchange forward business with a total amount not exceeding $200 million USD equivalent. The move aims to hedge against foreign exchange risks associated with its import of raw materials and export sales, which are primarily denominated in foreign currencies like the U.S. dollar. The company intends to use these financial derivatives for hedging purposes, to lock in costs and manage exchange rate risks, adhering to a prudent and proactive risk management strategy. The plan was approved at the company's 9th Board of Directors 28th meeting after an earlier meeting of independent directors. The transactions will be conducted with qualified financial institutions.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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