CITIC Pacific's steel revenue rises 16% YoY in 2023

CITIC Pacific Special Steel Group Co (CITIC Pacific Special Steel), part of the huge Hong Kong conglomerate and China's leading special steel producer, recorded a 15.94% on-year increase in its business revenue last year to Yuan 114 billion ($15.86 billion), while its net profits declined by 19.48% on year to reach Yuan 5.72 billion, according to the company's latest annual report for 2023 released on March 13.

For the full year of 2023, CITIC Pacific Special Steel produced a total of 19.86 million tonnes of special steel products, rising by 23.24% on year, while its specialty sales volume reached 18.89 million tonnes last year, climbing by 24.45% from 2022 and hitting a new record, the report noted. Notably, the steelmaker's