Shougang Advances ESG Initiatives, Bolstering Its Sustainable Steel Production

BEIJING, Nov. 23, 2023 /PRNewswire/ -- Beijing Shougang Co.,Ltd. (Shougang), trading on the Shenzhen Stock Exchange since 1999 under ticker 000959, is a tech-leading company emphasizing green and low-carbon initiatives. The company boasts an annual production capacity of 21.7 million metrics tons (MT) of premium grade sheet metal.

Shougang continues its focus on the development of three main products: electrical steel, automotive sheet metal, and tinplate. In the first three quarters of this year, automotive sheet metal production reached 2.94 million tons, marking an 9% increase from the previous year. Electrical steel production for the same period stood at 1.25 million tons, up by 18% year on year. Of note, the company's ultra-thin grain-oriented high magnetic permeability electrical steel, with specifications of 0.20mm or thinner, has led domestic sales for five consecutive years.

The company reported that its strategic and key product outputs totaled 11.65 million tons in the first three quarters of the year, accounting for 67% of Shougang's total steel production. This represents a year-on-year increase of 1 percentage points. Financially, Shougang posted total revenue of 85.02 billion yuan in the first three quarters of 2023, with profits amounting to 1.229 billion yuan. The third quarter saw profits of 663 million yuan, quarter-on-quarter growth 14.45%.

In its pursuit to stand as a leading steel manufacturer with a robust global footprint and influence, Shougang has intensified its focus on environmental, social, and governance (ESG) principles. The company has rolled out several ESG initiatives, emphasizing diverse aspects of its sustainability practices.

As a standout in the Chinese steel sector, Shougang has garnered international attention by becoming the first steel firm globally to champion ultra-low emission processes across all operations. Metrics reveal that its emissions—be it particulate matter, sulfur dioxide, or nitrogen oxides—per ton of steel, were better than both the industry's average and China's stringent clean production benchmarks.

In line with its transparency commitment, Shougang has recently unveiled its 2022 Annual Sustainability Report. This document, adhering to ESG guidelines, offers a comprehensive breakdown of the firm's ESG-centric actions and their outcomes for the past year. Interested parties can access the full report here:
sggf.com.cn/tzzgx/gsgg1/0b6f45b2f2d44337a85fb392a439ac6e/5461bc8ee47240f8bd7ded9905afd56f.pdf

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