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Aug 24 · 09:24GlobeNewswire
SELSKABSMEDDELELSE
HONG KONG, August 24, 2026 - (ACN Newswire) - Shougang Century Holdings Limited (0103.HK) maintained growth in the first half of 2026, with revenue rising 14.1% year on year and export business continuing to accelerate. More notable than the headline figures is the transformation underway at a manufacturer that has specialized in steel cord for decades. The Company is simultaneously cultivating new growth engines in advanced materials: horizontally extending its tyre reinforcement materials portfolio into industrial rayon, while vertically applying its precision metal-wire manufacturing capabilities to robotics, a key future growth sector. A transition from a single-product steel cord supplier into a collaborative advanced-materials platform is increasingly taking shape. Horizontal Expansion: Partnering with a Global Rayon Leader to Build a Dual Reinforcement Materials Portfolio of Steel Cord and Industrial Rayon The Company recently entered into a cooperation framework agreement (the "Cooperation Framework Agreement") with HONG KONG BMC (EUROPE I) LIMITED ("HK BMC"). Pursuant to the agreement, the parties preliminarily intend to jointly establish a joint venture, with a view to achieving complementary strengths and synergies in the field of tyre reinforcement materials and jointly exploring the global market for industrial rayon products. The proposed cooperation marks a further horizontal extension by Shougang Century along its existing tyre reinforcement materials value chain, with a multi-material product portfolio combining steel cord and industrial rayon gradually taking shape. According to the announcement, HK BMC is a controlling shareholder of Germany-based Cordenka GmbH & Co. KG ("Cordenka"). Cordenka is a world-leading manufacturer of industrial rayon, a high-performance tyre carcass reinforcement material. Shougang Century and Cordenka are both major suppliers of tyre reinforcement materials, with a highly overlapping customer base and strong business complementarity. This initiative is not a move into an unrelated sector, but a targeted extension along the Company's existing value chain. Steel cord and industrial rayon are both important components of tyre reinforcement materials. The announcement noted that Shougang Century and Cordenka have highly overlapping customer bases and complementary businesses. Following the establishment of the joint venture, the parties plan to integrate product lines and customer resources, further strengthening their influence and brand presence in the global tyre supply chain. This means that Shougang Century would not need to build market channels for industrial rayon entirely from scratch. Instead, it is expected to leverage the parties' existing relationships with leading global tyre manufacturers to pursue product synergies and cross-selling within established certification and supply-chain systems. Shougang Century has already built a solid customer base, with customer coverage of approximately 90%, 70% and 66% among the world's top 10, top 20 and top 50 tyre companies, respectively. Its three largest customers continue to be well-known overseas tyre manufacturers. Meanwhile, Cordenka brings technology expertise and international customer resources in industrial rayon. The strong overlap between their customer bases and the complementary nature of their products could deepen product penetration within individual customers and enhance synergies across the global tyre supply chain. From a longer-term strategic perspective, the industrial rayon initiative also aligns with Shougang Century's push toward higher-end product development, sustainability and globalization. In recent years, the Company has continued to increase the proportion of Super Tensile (ST) and Ultra Tensile (UT) steel cord products, while a new generation of Mega Tensile (MT) products is gradually being introduced to the market. The Company has also begun volume supply of products containing more than 70% recycled steel. Cordenka's industrial rayon, meanwhile, is produced from wood pulp and has a lower carbon footprint than conventional petrochemical-based materials. If the cooperation progresses smoothly, Shougang Century's tyre reinforcement materials portfolio could expand from steel cord alone to a combination of steel cord and industrial rayon, enriching its product mix while further strengthening its higher-end, sustainable and global positioning. Vertical Breakthrough: Robot Tendon Cables Enter Commercial Validation as Precision Manufacturing Capabilities Expand into New Applications At the same time, Shougang Century is extending its existing materials expertise and manufacturing capabilities into new high-growth applications. Building on its long-standing capabilities in precision steel-wire drawing, stranding and metal-material processing, the Company has installed a full set of production equipment dedicated to robot tendon cables. Its products cover tendon cables made from a range of metallic materials, including steel wire and tungsten wire. The Company can also apply surface coatings and manufacture terminals according to customer requirements, supporting a wide range of customized specifications. It has already engaged with multiple downstream robotics companies, and as certain product samples have received customer approval and entered small-batch supply, Shougang Century's robot tendon cable business has begun the commercial validation stage. Market analysts noted that industrial rayon represents Shougang Century's horizontal expansion within the tyre reinforcement materials value chain, while robot tendon cables represent an extension of the Company's precision metal-wire manufacturing capabilities into emerging applications such as robotics. Together, these two pathways broaden the growth potential of the Company's advanced-materials business. From a capital markets perspective, Shougang Century is developing a clearer multi-layered growth profile. Its traditional steel cord business provides the operating foundation, while overseas market expansion and upgrades to higher-end ST, UT and MT products support growth in the core business. New-materials businesses such as industrial rayon and robot tendon cables, meanwhile, could open up additional growth opportunities and valuation upside. Alongside growth, the Company continues to strengthen shareholder returns. The final dividend for 2025 was HK7.8 cents per share, representing an expected total dividend payment of approximately HK$40.5 million and a payout ratio of about 72% based on earnings per share. Under the previously announced dividend distribution plan for 2024 to 2028, the Company intends to distribute no less than HK$40 million in dividends each year, further reinforcing the foundation for long-term shareholder returns alongside business expansion. As the new industrial rayon cooperation advances and new businesses such as robot tendon cables enter the commercial validation stage, Shougang Century is extending beyond its traditional steel cord business toward a broader model of globalized tyre reinforcement materials and diversified advanced materials. As the relevant projects are implemented, synergies across products, customers and application scenarios are expected to be further unlocked, accelerating the Company's evolution from a traditional steel cord manufacturer into a global advanced-manufacturing platform. Copyright 2026 ACN Newswire. All rights reserved. www.acnnewswire.com
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