Hunan Valin Steel to invest in new casting machine, revises governance

Hunan Valin Steel will invest 512,370,000 yuan in a new large bloom continuous casting machine project at its Xiangtan Iron and Steel steelmaking plant. This 15-month project aims to advance product structure, improve bar quality, and expand product specifications. The investment was approved by the board and will be funded by the company's own capital.

In related governance updates, the company's board approved the third-quarter report and revised several operational policies. These include the Shareholder Meeting Rules, Board of Directors Meeting Rules, Independent Director System, Audit Committee Work Rules, Related Party Transaction Management Measures, and Fundraising Management Measures. These revisions aim to streamline operations, enhance internal controls, and align with updated regulatory guidelines.

Additionally, Hunan Valin Steel increased its estimated daily related party transactions with Xiangtan Iron and Steel Materials (Zhejiang) Co., Ltd. by 500,000,000 yuan for 2025. This adjustment, approved by independent directors, facilitates raw material procurement and steel product sales, bringing the total daily related party transactions for 2025 to 500,000,000 yuan. These changes were approved during the board's second meeting of 2025.