History of CITIC Pacific Special Steel Holdings.

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History of CITIC Steel Business History of Citic Pacific

CITIC's manufacturing business includes the production of special steel, lightweight automotive parts and advanced equipment. In 2022, CITIC was the 25th largest steelmaker in the world and produced just over 15 million tonnes (mt) of liquid steel.

Note that CITIC's special steel business is managed by CITIC Pacific Special Steel Holdings.

The timeline below covers the history of the firm.

  • 1987: CITIC Hong Kong (Holdings) Limited is established.
  • 1990: Buys 49% interest in Tylfull Company Ltd, a Hong Kong property business.
  • 1991: CITIC Hong Kong sells Hong Kong properties to Tylfull.
  • 1991: Tylfull changes its name to CITIC Pacific Ltd.
  • 1992: Commences diversification into civil infrastructure and power sector.
  • 1993: Acquires controlling interest in the Jiangyin Xingcheng Steel Works.
  • 2004: Acquires 95% stake in the Huangshi-based Dongfang Iron and Steel Co.
  • 2004: Increases Group interest in Jiangyin steel mill to approximately 79%.
  • 2006: Buys ownership stake in Shijiazhuang Steel.
  • 2006: Takes full ownership of Daye Special Steel.
  • 2006: Acquires mining rights for >6 bn tons magnetite ore in Western Australia.
  • 2008: Loses HK$15 billion (US$2 billion) due to unauthorized trades.
  • 2010: Sells 65% ownership interest in Shijiazhuang Steel.
  • 2011: In consortium with other steelmakers, takes 15% stake in World's largest niobium producer CBMM.
  • 2014: Name of company changed from CITIC Pacific Limited to just CITIC Limited.
  • 2015: Itochu of Japan takes significant ownership stake in CITIC.
  • 2017: Acquires 100% interest of Qingdao Special Steel Co. Ltd.
  • 2017: Acquires Jingjiang Special Steel from Valin Group.
  • 2019: Restructures specialty steel businesses under Daye Special Steel umbrella.
  • 2020: Fights Australian billionaire over mining rights.
  • 2023: CITIC Pacific Special Steels wins bid for 60% of Shanghai Electric Group Steel Pipe.
  • 2023: Judge rules in favour of Clive Palmer over land rights dispute.

  • 1987: Beijing based China International Trust and Investment Corporation (now the CITIC Group) sets up CITIC Hong Kong (Holdings) Limited as a wholly owned subsidiary in Hong Kong.
  • 1991: Increases its shareholding in Dragonair to 46% and buys 12.5% interest in Cathay Pacific. Also purchases a 20% stake in Macau Telecom and invests in Dah Chong Hong (DCH), a leading Hong Kong based trader and motor distributor.
  • 1993: Jiangyin Xingcheng Special Steel Works Co. Ltd. manufactures and distributes steel products. The Company produces bearing steels, high level gear steels, alloy spring steels, and other speciality steel products in bar, rod and plate form.
  • 1996: The diversification programme started in 1992 included Citic's purchase in October 1996 of 13 water treatment plants in mainland China for HK$1.26 billion.
  • 2004: Dongfang Iron and Steel Co., Ltd was subsequently renamed as the Hubei Xinyegang Co. Ltd. The firm produces specialty pipes, and operates the world's largest diameter Assel tube mill. Hubei Xinyegang Co can supply mechanical machining tube and Engineering structural tube, automobile tube, hydraulic support tube, oil and gas drilling and petroleum tube, pressure boiler tube, bearing tube, liquid conveying tube & piling pipe.
  • 2006: Shijiazhuang Steel was a producer of bearing steel, gear steel, spring steel, free-cutting non-quenched and tempered steel, high-quality carbon structural steel, and alloy structural steel. Following its 2020 sale by Citic Pacific, it is now majority owned by the Hesteel Group.
  • 2006: The mining operation is called Sino Iron. The mining business operates out of Cape Preston, which is some 100 kilometres south west of Karratha in Western Australia's resource-rich Pilbara region. CITIC's Sino Iron is the largest magnetite mine in Australia, and produces a high-grade premium iron ore concentrate that is mainly sold for export.
  • 2008: Unauthorised trades related to hedging against the Australian dollar, as cover against currency swings on an A$1.6 billion prospective acquisition. Losses were incurred on the contracts when the Australian currency declined markedly against the US dollar. Several resignations followed as a result of these trades, including that of the Chairman, the Managing Director, and a number of other senior company executives.
  • 2011: Consortium of five Chinese companies consisting of CITIC Group, Baosteel Group Corporation, Anshan Iron & Steel Group Corporation, Shougang Corporation and Taiyuan Iron & Steel Group Co., Ltd acquired, through a special purpose vehicle [China Niobium investment holdings Limited] a 15% stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) for a consideration of US$1.95 billion. CBMM, located in Araxa in the state of Minas Gerais, is world leader in the development, industrialization and commercialization of niobium. [Niobium is used mainly as an alloying element in the manufacture of steel, increasing both toughness and strength].
  • 2015: Itochu investment, with that of its affiliates, amounted to US $10.4 billion. The transaction was the largest acquisition ever made in China by a Japanese company, at that point.
  • 2020: Citic dispute with billionaire Clive Palmer is over the right to mine an additional 1 billion tons of iron-rich ground at its magnetite mine in Western Australia.
  • 2023: The core assets of Shanghai Electric Steel Pipe include a majority ownership share of the Tianjin Steel Pipe Co Ltd, which has some 3.5 million tonnes of seamless steel pipe production capacity.
  • 2023: Legal dispute between CITIC and Clive Palmer's company Mineralogy concerned royalties for access rights to CITIC's magnetite operations south of Karratha.

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