Steel

Fosun Group has put part of its stake in Hainan Mining on the trading table, marking its fifth sale of listed company assets this year to raise funds. Hainan Mining announced on the evening of October 9 that its controlling shareholder, Shanghai Fosun High Technology Group, plans to transfer 99.2255 million shares, approximately 5% of the total share capital, to Changxing Xinhua Commercial Operation, a state-owned platform in Changxing County, through a negotiated transfer at 9.08 yuan per share, with a total consideration of approximately 901 million yuan. Before this equity change, Fosun High Technology held 949 million shares of Hainan Mining, a 47.82% stake; after the transfer, its holding will drop to 849 million shares, or 42.82%, remaining the controlling shareholder, with Guo Guangchang still the actual controller. The transferee, Changxing Xinhua, is a wholly owned subsidiary of Changxing County Chengxi Construction Development Group. The transaction has been approved by the state-owned assets regulator of Changxing County, and the transferred shares will be subject to a 12-month lock-up period after registration. Fosun High Technology said the transfer is mainly based on its own operational funding needs and aims to promote collaboration between Hainan Mining and Changxing state-owned assets in the new energy industry, with no clear plans for further increases or reductions in the next 12 months.

Guangzheng Eye Care disclosed in an announcement on the evening of October 8 that its subsidiary Shanghai New Vision Eye Hospital Co., Ltd. recently received an Administrative Penalty Decision from the Shanghai Municipal Medical Security Bureau. The bureau's investigation found that during medical insurance settlement, the hospital included medical expenses outside the scope payable by the medical security fund, causing losses to the fund. Pursuant to Article 38 of the Regulations on the Supervision and Administration of the Use of Medical Security Funds, the Shanghai Municipal Medical Security Bureau imposed an administrative penalty on Shanghai New Vision Eye Hospital Co., Ltd., with a fine of about 1.0456 million yuan. Guangzheng Eye Care stated that the penalty will affect the company's 2026 operating results, and that the subsidiary hospital has completed rectification. The penalty will not have a material impact on the company's long-term development.

Guangzheng Eye Hospital announced after market close on October 8 that its subsidiary Shanghai New Vision Eye Hospital Co., Ltd. received an administrative penalty decision from the Shanghai Municipal Medical Security Bureau. For including medical expenses that did not fall within the payment scope of the medical security fund in its settlements, causing losses to the fund, it was fined RMB 1.0456 million. The announcement showed that the conduct fell under item 6 of Article 38 of the Regulations on the Supervision and Administration of the Use of Medical Security Funds. As of the disclosure date, Guangzheng Eye Hospital and its controlled subsidiaries had accumulated administrative penalties totaling RMB 1.9712 million over the preceding 12 consecutive months, accounting for 10.11% of the company's most recent audited net profit attributable to the parent. All fines have been paid and recorded in current profit or loss. The company said the penalty will affect operating results for 2026, with the final actual impact subject to the annual audit by its accounting firm, but it will not have a material impact on long-term development and does not trigger mandatory delisting for major violations. The subsidiary hospital has completed special rectification as required, including organizing study of the relevant regulations and medical insurance service agreements, assigning dedicated personnel for medical insurance management, improving oversight procedures, and establishing accountability mechanisms.

Guangzheng Eye Hospital announced on October 8 that its subsidiary, Shanghai New Vision Eye Hospital Co., Ltd., was fined 1.05 million yuan by the Shanghai Municipal Medical Security Bureau for including medical expenses outside the scope of medical security fund payments in settlements, causing losses to the medical security fund. The company and its controlled subsidiaries have accumulated administrative penalties totaling 1.9712 million yuan over the past 12 consecutive months, accounting for 10.11% of the company's most recent audited net profit attributable to the parent. The fines have been fully paid and recorded in current period profit and loss. In the first half of 2026, Guangzheng Eye Hospital achieved revenue of 390 million yuan and net profit attributable to the parent of 17.78 million yuan.

Guangzheng Eye Hospital announced on the evening of October 8 that its subsidiary, Shanghai New Vision Eye Hospital Co., Ltd., received an Administrative Penalty Decision from the Shanghai Municipal Medical Security Bureau. The hospital was fined 1.0456 million yuan for including medical expenses that did not fall within the payment scope of the medical security fund in medical insurance settlements, causing losses to the fund. Guangzheng Eye Hospital stated that the penalty will affect its 2026 operating results, with the final actual impact amount subject to the annual audit results. Rectification work at the subsidiary hospital has been fully completed and will not have a significant impact on the company's long-term development. The announcement noted that the company and its controlling subsidiaries have accumulated administrative penalties totaling 1.9712 million yuan over the past 12 consecutive months, accounting for 10.11% of the company's most recent audited net profit attributable to the parent. All fines have been paid and recorded in current profit and loss.

Guangzheng Eye Hospital Group Co., Ltd. announced that its subsidiary Shanghai New Vision Eye Hospital Co., Ltd. received an administrative penalty decision from the Shanghai Municipal Healthcare Security Bureau, imposing a fine of 1.0456 million yuan. An investigation by the Shanghai Municipal Healthcare Security Bureau found that during medical insurance settlement, the hospital included medical expenses outside the scope payable by the healthcare security fund, causing losses to the fund and violating relevant provisions of the Regulations on the Supervision and Administration of the Use of Healthcare Security Funds. Under Article 38 of the regulations, designated medical institutions that engage in such conduct and cause fund losses shall be ordered to return the funds and fined between one and two times the amount of the loss. Guangzheng Eye Hospital stated that the subsidiary hospital has carried out special rectification as required, including organizing medical staff to study the relevant regulations and medical insurance service agreements, inviting medical insurance experts to conduct policy training, assigning dedicated personnel for medical insurance management, improving medical insurance supervision procedures, and establishing accountability mechanisms. The relevant rectification work has now been fully completed. Financial reports show that in the first half of 2026, Guangzheng Eye Hospital achieved operating revenue of 390 million yuan, down 10.55 percent year on year; net profit attributable to shareholders of the listed company was 17.7758 million yuan, up 1,152.76 percent year on year; and net profit after deducting non-recurring gains and losses was negative 3.2317 million yuan. Medical industry revenue was 369 million yuan, accounting for 94.70 percent of operating revenue.

Worthington Steel reported first-quarter fiscal 2027 adjusted earnings per share of $0.57, missing the analyst consensus of $0.68 by $0.11, sending shares down 1.5% after hours on Wednesday. Revenue surged 212% year over year to $2.73 billion from $872.9 million, driven primarily by the inclusion of Kloeckner & Co following the company's majority acquisition completed on June 3, 2026; Kloeckner contributed $1.77 billion to net sales in the quarter. Excluding Kloeckner's impact, revenue increased 9% compared to the prior year quarter on higher direct volumes and improved pricing, with direct tons sold up 3% and direct selling prices up 6%. Adjusted EBIT reached $78.5 million, up from $55.5 million a year earlier, but the company reported a net loss attributable to controlling interest of $7.0 million, or -$0.14 per diluted share, compared to net earnings of $36.8 million, or $0.73 per share, in the prior year quarter, impacted by approximately $43 million in inventory fair value step-up costs related to the Kloeckner acquisition. Worthington Steel ended the quarter with total debt of $2.20 billion and cash of $248.2 million, resulting in net debt of $1.95 billion, and declared a quarterly dividend of $0.16 per share payable December 28, 2026.

Guangda Special Materials held its 2026 semi-annual earnings briefing online on September 30, responding to questions about artificial intelligence applications, the employee stock ownership plan, product expansion, and raw material price fluctuations. The company's 2026 semi-annual report shows operating revenue of 2.323 billion yuan, down 8.36 percent year on year; net profit attributable to the parent company of 12.34 million yuan, down 93.33 percent; non-GAAP net profit attributable to the parent company of 11.32 million yuan, down 93.67 percent; net operating cash flow of negative 231 million yuan; and a main business gross margin of 13.37 percent, down 7.31 percentage points from the same period last year, mainly affected by reduced new installed capacity in the downstream wind power industry. Regarding the progress of the employee stock ownership plan that investors are concerned about, the company responded that within six months after approval by the shareholders' meeting, the management committee of the employee stock ownership plan will complete the purchase of underlying shares through methods such as buying the company's A-shares on the secondary market, and the company will complete the position building gradually during the building period based on market conditions. On artificial intelligence, the company said the relevant applications are still in the evaluation and testing stage, have not formed large-scale applications, and have no material impact on company performance. In terms of product expansion, the company has passed the international aerospace quality management system certification AS9100D, and its production technology for high-purity superalloy electroslag ingots has been applied in fields such as aircraft engines and gas turbines. Homogeneous fine-grained superalloy forgings have been supplied in batches to aircraft engines, rocket engines, and gas turbines. The aerospace superalloy UNS N07041 has achieved batch supply, and the company has carried out cooperation with relevant customers in the aerospace field and achieved batch supply.

The Stock Exchange of Thailand has notified that the securities of City Steel Public Company Limited, or CITY, may be subject to delisting after audited financial statements for 2024 to 2026 showed the company's operating revenue remained below 100 million baht for three consecutive years, under the SET's regulations on delisting of listed securities issued in 2021. The SET will announce that CITY meets the grounds for possible delisting starting from 1 October 2026, and will post an NC sign while maintaining an SP sign to prohibit trading of the company's securities. CITY must disclose its plan to remedy the possible delisting grounds, together with a timeframe and rehabilitation guidelines, to shareholders and investors by 1 November 2026. Once the plan is fully disclosed, the SET will allow trading of the securities for one month, after which trading will be prohibited again until the company resolves the delisting grounds. CITY is required to complete the remedy of the possible delisting grounds within three years from 1 October 2026, otherwise the SET may proceed to delist CITY's securities.

Cleveland-Cliffs Inc. shares tumbled nearly 8% in late Monday trading after reports that its Canadian subsidiary, Stelco Holdings Inc., plans to halt operations at a key Ontario processing facility. According to a letter to customers obtained by Bloomberg News, Stelco expects to indefinitely idle its cold-rolled and coated operations at Hamilton Works in the coming weeks, with the wind-down scheduled to begin on Oct. 9 and expected to result in approximately 350 job cuts, according to local reporting from the Hamilton Spectator. The curtailment comes as Canadian steelmakers face pressure from a 50% U.S. tariff maintained under Section 232 of the Trade Expansion Act, which Stelco said Ottawa's countermeasures proved insufficient to offset. To mitigate the fallout, Cleveland-Cliffs is shifting primary manufacturing focus to its more integrated Lake Erie Works facility in Nanticoke, Ontario, and Cliffs spokesperson Patricia Persico said in an emailed statement to Bloomberg that total steel output will remain unchanged even as the product mix pivots toward a higher concentration of hot-rolled coil. Stelco said it will honor existing customer orders during the transition while maintaining full capacity for hot-rolled steel deliveries.

The Shanghai Stock Exchange issued a disciplinary decision on September 24, publicly reprimanding Shanghai Broadband Technology Co., Ltd., known as Delisted Shanghai Broadband Technology before its delisting, stock code 600608, along with five responsible individuals: former vice chairman Liu Wenxin, former chairman Zhang Lu, former vice chairman Yun Feng, former deputy general manager Gao Rui, and former director and general manager Wang Liang. The investigation found that starting in 2023, the company participated in agricultural product trade business led by Hongyun Supply Chain Co., Ltd. Both upstream and downstream parties were affiliated entities of Hongyun Supply Chain or companies introduced and designated by it. The company only fulfilled the obligation of advancing funds and collected fund usage fees at a certain rate. It neither actually controlled the agricultural goods nor was responsible for transportation. This business was in name a trade but in substance a financing arrangement, and the company's recognition of operating revenue using either the gross method or the net method did not comply with regulations. The above business resulted in false records in the company's 2023 and 2024 annual reports. In 2023, operating revenue was inflated by 24.91 million yuan, accounting for 14.56 percent of the operating revenue recorded in that period's report. In 2024, operating revenue was inflated by 3.60 million yuan, accounting for 20.92 percent of the operating revenue recorded in that period's report. On April 30, 2026, the company issued an announcement on the correction of prior accounting errors and retrospective adjustments, retrospectively adjusting the financial statements for the above years. Delisted Shanghai Broadband Technology was formally delisted by the Shanghai Stock Exchange on July 3, 2026, terminating its listing. The reason was that it triggered financial mandatory delisting indicators: the company's 2025 annual report showed that its audited net profit after deducting non-recurring items for 2025 was negative and operating revenue was below 300 million yuan, while the financial accounting report received a qualified audit opinion and internal controls received a disclaimer of opinion audit report.

Worthington Enterprises reported higher sales and firmer earnings per share in its fiscal first quarter update and declared a fresh quarterly dividend. The stock closed at $58.94, up 8.43% over seven days and 13.43% year to date, though its one year total shareholder return is down 0.80%, against three year and five year total shareholder returns of 45.93% and 87.30%. The most followed analyst narrative pegs fair value at $65.40, implying roughly 10% undervaluation, with a consensus analyst target near $65.40, a high target of $76.00 and a low of $47.00. That framework cites recent earnings growth of 62.5% and a net margin of 11.3%, alongside forecasts of about 4% annual revenue expansion, 8.71% yearly earnings growth and a future P/E of 17.77x. The company faces pressure from trade and tariff uncertainty and from weaker equity earnings tied to softer steel pricing.