Core Viewpoint - The frequent leadership changes at Sansteel Mingguang, which has seen three chairmen in two years, reflect the challenges faced by the company, including significant financial losses totaling nearly 2 billion yuan over the past two years [2][8]. Company Overview - Sansteel Mingguang, a major steel enterprise in Fujian, reported a revenue of 46 billion yuan for 2024, highlighting its significant role within the newly formed Fujian Industrial Holding Group, which has total assets exceeding 150 billion yuan and main revenues over 100 billion yuan [4][6]. Leadership Changes - The company has experienced three chairmen in two years: Li Lizhang, He Tianren, and the current chairman Liu Meixuan, all of whom have technical backgrounds and have worked their way up from grassroots positions [6][10]. - Li Lizhang served as chairman from January 2014 until his retirement in October 2024, followed by He Tianren, who resigned in June 2023, leading to Liu Meixuan's appointment [6][10]. Financial Performance - Sansteel Mingguang faced a loss of 670 million yuan in 2023, marking its first loss since 2016, with losses expected to increase to 1.28 billion yuan in 2024 [8][12]. - In the first quarter of the current year, the company managed to turn a profit of 75.48 million yuan, representing a 171% increase compared to previous periods [13]. Industry Challenges - The steel industry is currently facing overcapacity, with national production expected to exceed 1 billion tons in 2024, while domestic demand has decreased by 5.4%, leading to fierce competition in international markets [12]. - The cost of production remains a significant challenge, with iron ore import prices down by 7% but steel prices falling by 8.4%, while costs for coke and electricity remain high [12]. Strategic Direction - Liu Meixuan's immediate challenge is to accelerate the transformation of Sansteel Mingguang, shifting from a reliance on construction steel to producing higher-end products such as steel for machinery and ships [10][12].