On January 4, Xingcheng Special Steel, a subsidiary of Citic Pacific Special Steel Group Co., LTD., signed a property rights transaction contract with Shanghai United Equity Exchange. Xingcheng Special Steel became the transferee of the 60% equity project of Shanghai Electric Steel Pipe and successfully won the bid, with a transaction price of 1.908 billion yuan.
Shanghai electric steel pipe core assets for the holding of Tianjin steel pipe 51.02% of the equity. Tianjin Steel Pipe inherits the original 3.5 million tons of seamless steel pipe production-related core assets of Tianjin Steel Pipe Group Co., LTD. Tianjin Steel Pipe is one of the leading enterprises in the seamless steel pipe industry in China and the world. At the beginning of 2021, the company has purchased 40% of the equity of Shanghai Electric Steel Pipe. In 2022, Tianjin steel pipe significantly reduced the loss compared with the same period last year, and the growth momentum is good.
Tianjin Steel Pipe is mainly made of medium and thin wall seamless steel pipe, which can form an effective complement with the company's existing medium and thick wall seamless steel pipe, which is conducive to jointly realizing the industrial cluster of seamless steel pipe production and sales, improving the overall scale and competitiveness of the business, and providing users with more complete varieties, wider specifications and better quality products and overall solutions.
The company will take this as the focus, vigorously develop the special seamless steel pipe business, rapidly expand the scale and competitiveness of the plate; During the "14th Five-Year Plan" period, the company will focus on building the brand of energy steel in addition to the two ace products of bearing steel and automobile steel, and at the same time complement the varieties and specifications, and strive to have more special seamless steel pipe core technology.
In the future, the company is expected to further integrate market resources, accelerate the expansion of seamless steel plate strategic layout, expand the company's influence and market share in the downstream industries related to seamless steel pipe, and actively build the seamless steel pipe business with the characteristics of Citic Special Steel.
