CITIC Pacific Special Steel's 2024 net profits decline 10% YoY

CITIC Pacific Special Steel Group Co (CITIC Pacific Special Steel), a leading Chinese special steel producer owned by the huge Hong Kong conglomerate CITIC Group, reported a 10.4% on-year decline in its net profits in 2024 to Yuan 5.13 billion ($708.31 million), while its business revenue slipped by 4.2% on year to Yuan 109.2 billion, according to the company's latest annual report for 2024 released on March 19.

Last year, CITIC Pacific Special Steel produced a total of 20.16 million tonnes of special steel products, higher by 1.5% on year, while its specialty sales volume stayed largely flat on year at 18.89 million tonnes, the report showed. Among the total sales, the steelmaker's exports of special steel totalled 2.2 million tonnes, failing