Chongqing Iron & Steel Co., Ltd. Class H (HK:1053) has released an update.
Chongqing Iron & Steel Co., Ltd. plans to manage exchange rate risks associated with its heavy reliance on imported ore by engaging in financial derivative transactions in 2024, with a focus on forward foreign exchange purchases and currency swaps. The company will limit the total derivative transactions to $250 million, sourced from its own funds, ensuring these moves align with their operational needs without speculative intent. Transactions will involve reputable domestic and overseas banks and are not to exceed a 12-month period from board approval.
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