On December 15th, the new "Nanjing Iron and Steel Group Co., Ltd." was officially established, marking the formal inclusion of Nanjing Steel Group into the CITIC Group system. The controlling stake of the listed company, Nanjing Iron and Steel Co., Ltd., has changed hands to CITIC Group.

It is understood that, following the strong alliance with CITIC Special Steel, Nanjing Steel will create a specialized steel carrier with an annual capacity of 30 million tons. This strategic partnership aims to achieve global leadership in terms of scale and market share, making Nanjing Steel the world's top producer in special steel bar and wire production, as well as high-value-added steel plate output. Both parties are committed to breaking through the challenges of the new industry downturn, particularly in areas such as joint research and development in special steel.

Publicly available data indicates that Nanjing Steel is an internationally renowned base for high-quality medium and thick plates, specialty steel, composite materials, and materials for national defense construction. From January to November of this year, Nanjing Steel Group achieved a revenue of 183.6 billion yuan, a profit of 2.85 billion yuan, and a tax contribution of 4.55 billion yuan, achieving "contrarian growth" in industry rankings.

CITIC Group's subsidiary, CITIC Special Steel, owns four specialized and high-quality special steel material production bases, namely Jiangsu Jiangyin Xingcheng Special Steel, Hubei Huangshi Daye Special Steel, Shandong Qingdao Special Steel, and Jiangsu Jingjiang Special Steel. Additionally, it has two raw material production bases, Anhui Tongling Special Materials, and Jiangsu Yangzhou Special Materials, as well as two industrial chain extension bases. In recent years, CITIC Special Steel has completed the acquisitions of Qingdao Special Steel and Tianjin Steel Pipe.

Following the strong alliance between Nanjing Steel and CITIC Special Steel, CITIC Group indirectly holds 55.2482% of the equity of the new Nanjing Steel Group through its subsidiary CITIC Special Steel. In turn, the new Nanjing Steel Group indirectly holds 59.10% of Nanjing Iron and Steel Co., Ltd. through Nanjing Steel Union and its wholly-owned subsidiary Nanjing Steel Union. CITIC Group has thus become the actual controlling shareholder of Nanjing Steel Co., Ltd.