MD's Season Greetings and Outlook for the New Year

Dear Valued Partners and Friends,

As we approach the end of the year, I would like to take this opportunity, on behalf of our entire team, to express our sincere appreciation for your continued trust, support, and partnership throughout the year.

The past year has presented both challenges and opportunities, and we are grateful to have worked alongside you with mutual cooperation and shared commitment.

Looking ahead, we note that the new China steel export control measures are scheduled to commence from 1 January 2026. These developments may result in a more challenging and uncertain market environment. Nevertheless, please be assured that we remain fully committed to doing our utmost to support our customers, maintain supply continuity where possible, and work closely with you to navigate the evolving landscape together.

May this festive season bring you and your loved ones joy, good health, and peace. We wish you a Merry Christmas and a Happy, Healthy, and Prosperous New Year.

We look forward to strengthening our cooperation and overcoming the challenges ahead together in the coming year.

Warm regards,

Fred Chen

Managing Director