In a statement, CITIC Special Steel, headquartered in China’s Jiangsu province, said the acquisition will be carried out through the purchase of 100% of the shares of

, the holding company of Stemcor.

The company emphasized that the move is a key component of its strategy to build a strong and integrated international operating platform. By combining the parties’ supply-chain resources, CITIC Special Steel aims to create a more diversified, resilient and efficient global supply network capable of withstanding market risks.

With a history spanning more than 70 years, Stemcor is active in the trading of raw materials such as iron ore, coking coal, pig iron and steel scrap, as well as billets and special steel products. The group also operates in value-added areas including supply-chain management and financial services.

Meanwhile, unaudited financial data indicate that Prosperity Kingsfield has shown weaker operational performance in recent periods. In the first three quarters of 2025, the company recorded a net cash outflow from operating activities of 54.7 million yuan, while net profit stood at 8.3 million yuan. By comparison, the previous year saw net operating cash inflow of 93.3 million yuan and net profit of 35.1 million yuan.

Through this acquisition, CITIC Special Steel aims to enhance its bargaining power within the global industrial value chain, strengthen supply and operational stability, improve cross-border risk management, and expand its brand influence in international markets.