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China Oriental Group Alters Share Registrar in Bermuda
China Oriental and ArcelorMittal Form Joint Venture
CHINA ORIENTAL (00581.HK): Completed the establishment of a joint venture with ArcelorMittal.
On December 20, Gelonghui announced that CHINA ORIENTAL (00581.HK) has issued a statement regarding the composition of joint ventures and slab supply arrangements. All prerequisites for establishing the joint venture company have been met in accordance with the terms of the joint venture agreement, and the joint venture company was established on December 20, 2024.
The trend of steel companies becoming more "outward" is significant, with steel exports exceeding 100 million tons, setting an eight-year record high.
① Due to the continuous decline in domestic Steel consumption, companies in the Steel Industry Chain are focusing on overseas markets as a key area for development. This year, steel exports exceeded 100 million tons, reaching a new high in eight years. ② Under policy guidance, the proportion of exports of medium to high value-added products has increased, showing a trend of change in the overall structure of domestic Steel exports from long products to flat products.
The steel industry has faced downward pressure for three years; under the new cycle, calls for "production cuts" are increasing, and there is a need for "synchronous resonance" to respond to challenges and opportunities.
① The steel industry has been declining for three consecutive years, with the market experiencing a negative feedback cycle. It is expected that the apparent consumption of crude steel will be about 0.9 billion tons in 2024, and demand may continue to decline in 2025. The industry is facing various challenges and continues to move forward under pressure while actively seeking new development opportunities; ② "My Steel" predicts a 3% increase in steel for machinery in 2025, a 1.5% increase for autos, a 6.4% increase for shipbuilding, a 2.8% increase for home appliances, and a 5.5% increase for energy.
China Oriental Group Announces Key Meeting for Shareholders
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