Overview
CITIC Pacific Special Steel is the largest special steel
manufacturer in China with an annual production
capacity of over seven million tonnes. Our three operating
plants, Jiangyin Xingcheng Special Steel, Xin Yegang
Steel and Shijiazhuang Steel, are ideally located to cover
the main markets for special steel in eastern, central and
northern China. The major products manufactured are
bearing steel, gear steel, spring steel and seamless steel
tubes. These are widely used in a range of different
industries, including auto components, machinery
manufacturing, oil, petrochemicals, transportation,
energy, railways and shipping.
2008 Operating Performance
In 2008, a total of 6.3 million tonnes of special steel was
produced by CITIC Pacific Special Steel’s three plants.
Sales closely matched the amount produced.
Production and sales were 4% and 3% lower compared
with 2007. Demand for special steel products was strong
in the first half of the year. However, the global financial
crisis led to a slowdown in growth, and demand for steel
products declined sharply. This in turn led to a drop
in steel prices in the second half of 2008, which was
particularly pronounced in the fourth quarter.