Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The market anticipates that after the May Day holiday, iron water production will peak, potentially squeezing iron ore profits, leading to downward price feedback [8][13]. - The steel sector has experienced three years of adjustment, positioning it as a high-value investment opportunity. The profitability and stability of leading enterprises have significantly improved, and the supply structure of iron ore may undergo substantial changes, allowing profits to flow back to the domestic steel industry [8][13]. Summary by Sections Steel Industry - The consumption of rebar has decreased, with a reported national consumption of 2.6 million tons, reflecting a week-on-week decline of 5.07%. The average price of rebar has slightly increased to 3,323 CNY/ton, while cold-rolled prices have decreased to 3,812 CNY/ton, down 1.54% week-on-week [14][37]. - The total steel inventory has decreased significantly, with a total inventory of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of long and short process rebar has increased, with long process rebar profit rising by 25 CNY/ton and short process rebar profit increasing by 350 CNY/ton [34]. Industrial Metals - The copper treatment charge (TC) and refining charge (RC) have deepened into negative territory, indicating challenges in the copper market. The LME aluminum price has risen to 2,412 USD/ton, a week-on-week increase of 3.63% [16]. - The production costs for electrolytic aluminum have decreased significantly, with costs in Xinjiang dropping by 16.22% and profits increasing by 3,455 CNY/ton [16]. Precious Metals - Tariffs may drive up demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. The COMEX gold price is reported at 3,330.2 USD/ounce, with a slight week-on-week decline of 0.33% [16][49]. New Energy Metals - Lithium carbonate production in China has significantly increased, with a reported production of 56,110 tons in February 2025, a year-on-year increase of 57.44% [15][40]. - The price of battery-grade lithium carbonate is currently 69,600 CNY/ton, reflecting a slight week-on-week decrease of 1.21% [49].

山东钢铁股份有限公司 2025 年第一次临时股东会 会议材料 二○二五年四月二十八日 — 1 — — 2 — 山东钢铁股份有限公司 2025 年第一次临时股东会须知 （2025 年 4 月 28 日） 为了维护全体股东的合法权益，确保股东会的正常秩序和议 事效率，保证公司 2025 年第一次临时股东会的顺利进行，根据 《上市公司股东会规则》《公司章程》、公司《股东会议事规则》 及相关法律法规的规定，特制定如下会议须知，望出席股东会的 全体人员严格遵守。 一、股东会设会议秘书处，具体负责会议的组织工作和处理 相关事宜。 二、股东会期间，全体出席人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 三、出席会议的股东，依法享有发言权、表决权等权利。 四、股东会召开期间，股东事先准备发言的，应当先向会议 秘书处登记。股东不得无故中断会议议程要求发言。在议案审议 过程中，股东临时要求发言或就有关问题提出质询的，须向会议 秘书处申请，并经会议主持人许可，始得发言或提出问题。股东 发言或提问应围绕本次会议议题进行，且简明扼要。 五、公司本次股东会采用现场投票与网络投票相结合的方式 召开。现 ...

不过，相比于2024年亏损同比大增，山东钢铁今年一季度减亏超九成。数据显示，今年一季度该公司归属于母公 司所有者的净利润为-1450万元，去年同期为-6.38亿元。 《华夏时报》记者注意到，山东钢铁在预计2025年第一季度归属于母公司所有者的净利润大幅减亏的原因时，未 提及市场方面的因素。记者于4月9日针对一季度公司面临的外部生产环境是否发生变化、这些变化在多大程度上 推动了公司一季度减亏目标的实现等问题向其发送采访提纲，截至发稿，尚未收到回复。 而对于预计2025年第一季度归属于母公司所有者的净利润大幅减亏的主要原因，山东钢铁在业绩预告中指出，主 要有三大原因，一是生产运行稳定高效，二是工序成本和付现费用大幅度削减，三是购销差价得以提升。 其中，在工序成本和付现费用大幅度削减方面，山东钢铁指出，公司通过构建"公司—厂部 华夏时报（www.chinatimes.net.cn）记者 梁宝欣 深圳报道 4月7日晚，山东钢铁（600022.SH）发布2024年度业绩快报，2024年度公司实现营业收入820.94亿元，同比减少 9.26%；归属于上市公司股东的净利润亏损22.58亿元，上年同期亏损4亿元，亏损同比大增 ...

证券代码：600022 证券简称：山东钢铁 公告编号：2025-016 山东钢铁股份有限公司 关于召开 2025 年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025 年第一次临时股东会 召开的日期时间：2025 年 4 月 28 日 9 点 00 分 召开地点：山东省日照市东湖开元名都大酒店 8 号楼海阔厅（日照市东港区 碧海路 595 号） 股东会召开日期：2025年4月28日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 28 日 至 2025 年 4 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

中研普华研究员洪前进向记者分析称，近年来，钢铁行业供需错配问题突出，市场供大于求矛盾加剧， 铁矿石、焦炭等原材料价格的上涨，进一步压缩了钢铁企业的利润空间。不过，2025年一季度钢铁行业 上游原材料价格较上年同期明显回落，宏观经济阶段性回暖带动下游需求边际修复，基建、制造业等领 域用钢需求有所回升，钢材价格止跌趋稳，市场环境较2024年同期显著改善，推动山东钢铁实现大幅减 亏。 4月7日晚间，山东钢铁（600022.SH）披露2024年业绩快报显示，2024年归母净利润亏损22.58亿元，较 2023年同期的4亿元亏损额显著扩大。值得注意的是，2025年第一季度预亏收窄至1450万元，较上年同 期的6.38亿元亏损额锐减95%。 对于上述业绩表现，《中国经营报》记者联系山东钢铁方面置评，但截至发稿未获回复。山东钢铁方面 在报告中表示，2024年业绩亏损主要源于经济回暖不及预期，钢铁市场环境没有根本性改观，钢铁行业 供强需弱矛盾突出，购销差价下降，叠加生产波动和费用集中处理等因素，经营压力增加。 一季度减亏95% 2025年一季度，山东钢铁迎来业绩改善信号。业绩预告显示，公司预计一季度实现利润总额1.53亿元左 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：山东钢铁 证券代码：600022 编号：2025-014 山东钢铁股份有限公司 2024年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告所载2024年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以山东钢铁股份 有限公司（以下简称"公司"）2024年年度报告中披露的数据为准，敬请投资者注意投资风险。 一、2024年度主要财务数据和指标 单位：元 币种：人民币 ■ 注：上表数据以公司未经审计的合并报表数据填列。 二、经营业绩和财务状况情况说明 （一）经营业绩、财务状况 报告期内，公司实现营业收入820.94亿元，利润总额-25.07亿元，归属于上市公司股东的净利润-22.58亿 元，归属于上市公司股东的扣除非经常性损益的净利润-21.80亿元，归属于上市公司股东的所有者权益 187.83亿元。 （二）影响经营业绩的主要因素及原因 1.经济回暖不及预期，钢铁市场环境没有根本性改观，钢铁行业供强需弱矛盾突出，购销差价较上期大 幅下降。 ...

Financial Performance - Total operating revenue for 2024 was CNY 82.09 billion, a decrease of 9.26% compared to the previous year[5] - The total profit for the period was CNY -2.51 billion, with a net profit attributable to shareholders of CNY -2.26 billion[6] - The net profit excluding non-recurring gains and losses was CNY -2.18 billion, reflecting significant financial challenges[5] - Basic earnings per share were CNY -0.2129, compared to CNY -0.0373 in the previous year[5] - The weighted average return on equity was -11.28%, a significant decline from -1.85%[5] Asset and Equity Changes - The company's total assets decreased by 2.16% to CNY 65.31 billion from the beginning of the period[5] - Shareholders' equity attributable to the company decreased by 11.11% to CNY 18.78 billion[5] Market Conditions - The steel market environment remains challenging, with supply exceeding demand and significant pressure on profit margins[6] - The company faced operational pressures due to production fluctuations and concentrated expense handling[6] Investor Advisory - Investors are advised to be cautious as the reported financial data is preliminary and may differ from the final annual report[6]

Financial Performance - The company expects a total profit of approximately 153 million yuan for Q1 2025, with a net profit attributable to shareholders of the parent company estimated at -14.5 million yuan, significantly reducing losses compared to the same period last year [3]. - In Q1 2024, the company reported a total profit of -788 million yuan and a net profit attributable to shareholders of the parent company of -638 million yuan [4]. - The estimated net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses for Q1 2025 is approximately -17.5 million yuan [3]. - The estimated earnings per share for Q1 2025 is approximately -0.0015 yuan [3]. Cost Management - The company achieved a reduction in production costs, with the cost per ton of steel at the Rizhao and Steel City bases decreasing by approximately 65 yuan and 80 yuan, respectively, compared to the same period last year [6]. - The company improved its purchase and sales price difference by over 200 yuan per ton compared to the previous year through effective market tracking and product structure optimization [6]. - The company has implemented a three-level cost control system to significantly reduce operational costs and cash expenses [6]. Forecast and Disclosure - The performance forecast has not been audited by registered accountants, but there are no discrepancies between the company and the auditing firm regarding this forecast [5]. - The company emphasizes the importance of timely information disclosure and advises investors to make cautious decisions [7]. - The performance forecast is based on preliminary calculations by the company's finance department, with detailed financial data to be disclosed in the Q1 2025 report [7].

股票简称：山东钢铁 证券代码：600022 编号：2025-012 （一）交易目的 山东钢铁股份有限公司 关于开展 2025 年度商品期货套期保值业务的公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实、准确和完整承担个别及 连带责任。 重要内容提示： ●交易目的、交易品种、交易工具、交易场所和交易金额：为有效 防范价格波动风险，实现持续稳健经营，山东钢铁股份有限公司（以下 简称"公司"）及控股子公司山东钢铁集团日照有限公司（以下简称"日 照公司"）严格按照套期保值原则开展商品套期保值业务。开展商品类 金融衍生品业务的品种包括铁矿石、焦炭、锰硅合金、电解镍。交易工 具为期货、期权，交易场所为境内的场内期货交易所，上海期货交易所、 大连商品交易所、郑州商品交易所。公司及控股子公司日照公司常备套 期保值业务交易保证金上限为人民币 2 亿元（不含本数）。 ●已履行及拟履行的审议程序：本事项已经公司第八届董事会第十 次会议审议通过，无需提交公司股东会审议。 ●特别风险提示：公司开展套期保值业务，不以套利、投机为目的， 但进行套期保值业务仍可能存在市场风险、资金风险、 ...