[SMM Global Steel Company Special] POSCO Business Performance Report POSCO Holdings Inc. released its 2025 consolidated results, reporting revenue of 69.095 trillion won, operating profit of 1.827 trillion won, and net profit of 504 billion won. The details of the steel segment's 2025 performance are as follows. Data source: POSCO Annual Report POSCO (Standalone) Operating Performance Production and Sales Data source: POSCO Annual Report Earnings Overview ① 2025 revenue: 35.011 trillion won, down 2.545 trillion won YoY; ② 2025 operating profit: 1.78 trillion won, up 307 billion won YoY; ③ Operating profit margin: 5.1%, up 1.2% YoY. Performance Analysis On a full-year basis, although selling prices in 2025 declined compared to 2024, operating profit still rose as raw material and production costs fell by a larger margin. ① Carbon steel selling price dropped from 985,000 won/mt in 2024 to 926,000 won/mt in 2025, down approximately 59,000 won/mt. ② Key raw material cost index: fell from 100 in 2024 to 83.8 in 2025, down 16.2. Although annual growth was still achieved, it is worth noting that the sharp rise in LNG prices also significantly impacted costs, pushing up energy and maintenance expenses from 494 won/m³ in 2024 to 633 won/m³ in 2025. More detailed changes are as follows (unit: 1 billion won). Data source: POSCO Annual Report Ex-China Steel Operating Performance Details Data source: POSCO Annual Report Core Steel Business Operating Activities Decarbonisation ① Commenced construction of the HyREX (hydrogen reduction ironmaking) demonstration plant in Pohang (expected to be operational in 2028). ② Operating the Gwangyang Electric Arc Furnace (EAF, capacity of 2.5 million mt, operational from June) to quickly respond to market demand for low-carbon steel products. Building Two Pillars: Energy and Mobility ① Pohang Plant (Energy): Building a "model plant for energy-use steel," deepening capabilities in steel for hydrogen energy, LNG, and power grid applications (including PosMAC, e-steel, etc.). ② Gwangyang Plant (Mobility): Positioned as a "dedicated plant for new mobility," conducting R&D on Giga Steel, silicon steel (Hyper NO), and other low-carbon high-end materials. Cost Innovation 2030 Leveraging technology to reduce structural costs through technology-driven structural cost reduction, targeting fixed cost reductions of 50 billion Korean won in 2025 and 40 billion Korean won in 2026. Optimizing group-wide operating costs: such as optimizing power generation and waste heat recovery, and streamlining logistics and procurement. Overseas Expansion ① [US Louisiana: EAF Integrated Steel Mill] Total investment of $5.8 billion, with POSCO holding a 20% stake and a relatively small financial burden (capital-to-debt ratio of 50:50). Products will be directly supplied to North American automakers and POSCO's Mexico plant. Discussions are underway on battery materials supply chain and next-generation materials collaboration. ② [Strategic Partnership with US Cleveland-Cliffs] Combining POSCO's global network with Cleveland-Cliffs' domestic production assets. Goal: Capturing the North American high-value-added automotive sheet market through the integration of technology and marketing. ③ [India: Integrated Steel Mill Joint Venture] Establishing a 50:50 joint venture with JSW, India's largest steel manufacturer, with equal representation on the board of directors. Constructing an integrated steel mill with a capacity of 6 million mt, and conducting business collaboration in renewable energy (wind and solar) to supply power to the steel mill. Source: POSCO Annual Report Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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On April 14, news emerged that Qinghai Salt Lake Industry disclosed its preliminary performance report for the first quarter of 2026. In Q1 2026, the company achieved operating revenue of 6.432 billion yuan, a year-on-year increase of 94.89%; net profit was 2.939 billion yuan, a year-on-year increase of 147.44%. During the reporting period, the company's potassium chloride production was approximately 877,300 tons, with sales of approximately 1.3297 million tons; lithium carbonate production was approximately 19,500 tons, with sales of approximately 16,800 tons. Driven by year-on-year increases in sales volume and prices, the profitability of the potassium chloride segment grew significantly.

On 1 April, the Indian iron ore miner NMDC officially published its production and sales performance report for the 2025-2026 The report demonstrates that full-year iron ore production reached 53.15 million tonnes, representing a year-on-year increase of 20.6 per cent and a substantial uplift from the 44.07 million tonnes recorded in the previous financial year. Over the same period, total iron ore sales volumes amounted to 50.23 million tonnes, marking a 13.1 per cent expansion compared to the 44.40 million tonnes registered in the prior year. This enhanced operational performance is primarily attributed to the steady growth and robust execution across the company's mining assets located in the states of Chhattisgarh and Karnataka.

Emirates Global Aluminium (EGA) released its 2025 performance report, showing that in 2025, the company's net profit (excluding GAC data) increased by 16% to US$1.34 billion, and core profit increased by 7% to US$2.53 billion, mainly due to the rise in the average real price of aluminum and the increase in total sales volume. EGA's EBITDA in 2025 was AED 9.28 billion (US$2.53 billion), compared to AED 8.69 billion (US$2.37 billion) in 2024. In 2025, EGA's foundry metal production reached a record high of 2.84 million tons, up from 2.77 million tons in 2024. In 2025, EGA's sales volume of low-carbon aluminum products increased by 70%, reaching approximately 196,000 tons.

On February 28, 2026, Rongbai Technology released its 2025 annual performance report. In 2025, Rongbai Technology achieved operating revenue of 12.271 billion yuan, a decrease of 18.67%; and recorded a net loss attributable to shareholders of the listed company of 182 million yuan, a decrease of 161.64%. In 2025, due to multiple factors such as intensified domestic market competition and changes in the international political and economic landscape, the company's operating performance faced interim pressure, with operating revenue of 12.271 billion yuan and a net loss attributable to the parent of 182 million yuan. However, quarterly profitability gradually recovered, and the company returned to profitability in the fourth quarter.

SMM February 28: According to SMM statistics, overseas aluminum production in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with overseas daily average production rising 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed Alba’s production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire incident at year-end. The affected production line is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated primary aluminum shipments fell 14% QoQ in Q4 2025, mainly due to production declines caused by equipment failure at its Iceland plant. In 2026, the 50,000 mt idle capacity at Mt. Holly is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than planned, now scheduled to begin production resumptions by the end of April 2026 and approach full capacity by the end of July. South 32’s performance report maintained Mozal aluminum smelter’s FY2026 production guidance at 240,000 mt, with the plant expected to begin maintenance shutdown from March 15. However, foreign media reported the government is taking necessary measures to maintain Mozal’s operations. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but production cuts or shutdown risks at the Mozambique plant may cause daily average aluminum production to turn negative. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration, with the Iceland plant’s restart expected ahead of schedule and other plants slightly increasing operating rates. Overall, aluminum supply is expected to maintain growth, though global aluminum inventory trends warrant ongoing attention.

SMM February 28 News: According to SMM statistics, overseas aluminum production totaled in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with the overseas daily average production up 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed that Alba's production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire accident at year-end 2025. The production line affected by the fire is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated that primary aluminum shipments in Q4 2025 fell 14% QoQ, mainly due to production declines caused by equipment failure at the Iceland aluminum plant. In 2026, the 50,000 mt idle capacity at the Mt. Holly plant is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than originally planned, now scheduled to begin production resumptions by the end of April 2026 and recover to near full capacity by the end of July. South 32's performance report showed that the Mozal aluminum plant in Mozambique maintained its FY2026 guidance production of 240,000 mt, meaning the Mozal plant is expected to transition into maintenance shutdown from March 15. However, foreign media reported that the government is taking necessary measures to keep the Mozal plant operating. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but the Mozal plant faces risks of output reduction or shutdown. Affected by this, daily average aluminum production may turn to negative growth. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration; the Iceland plant's production resumption is expected earlier than planned; other plants also slightly increased operating rates. Overall, aluminum supply is expected to maintain growth, and global aluminum inventory trends need ongoing attention. [Data Source Statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.] Data Source: SMM (Guo Mingxin 021-20707919)

SMM News on May 30: In the last week before the Dragon Boat Festival, spot quotes for cobalt products all declined to varying degrees amidst the general performance of downstream demand. Although cobalt chloride quotes continued to fall, smelters showed a clear reluctance to budge on prices, driving its prices to fluctuate at a high level... SMM has compiled the price changes of cobalt products this week, as detailed below: Refined Cobalt: According to SMM spot quotes, refined cobalt continued to maintain its downward trend this week. As of May 30, the spot quote for refined cobalt fell to 220,800-247,000 yuan/mt, with an average price of 233,900 yuan/mt, a decrease of 1,950 yuan/mt or 0.83% from May 23. 》Check SMM Cobalt and Lithium Spot Quotes Regarding the reasons for the decline in spot quotes for refined cobalt, SMM understands that it was mainly due to some recent news that disrupted market sentiment, pushing down the transaction prices of refined cobalt and leading to certain panic selling in the market. Currently, this situation appears to be a short-term emotional outburst, with no significant expected deviation in the actual supply and demand structure. From the supply and demand perspective, on the supply side, with the declining profitability of refined cobalt production, refined cobalt output slightly decreased this month. Smelters continued to fulfill long-term contracts, and the spot order market still relied on trader supplies. On the demand side, downstream producers maintained a purchasing-as-needed rhythm, with no significant improvement in purchase activity. It is expected that next week, the spot price of refined cobalt may continue to remain in the doldrums. Cobalt Salts (Cobalt Sulphate and Cobalt Chloride): Cobalt Sulphate: According to SMM spot quotes, cobalt sulphate spot quotes continued to decline throughout the week. As of May 30, the spot quote for cobalt sulphate fell to 47,200-49,900 yuan/mt, with an average price of 48,550 yuan/mt, a decrease of 0.92% from May 23. 》Check SMM Cobalt and Lithium Spot Quotes According to SMM, from the supply and demand perspective, on the supply side, the quotes from mainstream cobalt sulphate smelters have not changed, but spot quotes for cobalt sulphate from recycling plants continued to decline significantly, with extremely sporadic overall transactions and transaction prices far below the actual quotes. On the demand side, the overall purchasing sentiment of downstream producers was poor, with no improvement in the order situation of material plants. Raw materials were still being consumed from inventory, and producers' purchase willingness continued to decrease, maintaining only fixed inquiries without any buying actions. Against this backdrop, SMM expects that next week, the spot price of cobalt sulphate may fluctuate weakly. Cobalt Chloride: Regarding cobalt chloride, according to SMM spot quotes, cobalt chloride quotes also declined significantly this week compared to the past. As of May 30, the spot quote for cobalt chloride fell to 58,900-60,400 yuan/mt, with an average price of 59,650 yuan/mt, a decrease of 0.91% from May 23. According to SMM, the quotes from major smelters in the cobalt chloride supply side remained firm, indicating a certain reluctance to sell. However, some smelters showed a stronger willingness to sell, leading to a small number of low-priced transactions in the market, which subsequently pulled down the overall spot price. From the demand side, downstream enterprises mainly engaged in just-in-time procurement and generally held a certain level of cobalt salt inventory. They made fewer inquiries and maintained a strong wait-and-see sentiment. Despite this, due to the ongoing shortage of raw materials, the market's bullish sentiment remained high and consistent. It is expected that next week, the spot price of cobalt chloride will continue to fluctuate at highs and is unlikely to decline. Regarding Co3O4: According to SMM's spot quotes, the spot quotes for Co3O4 also faced downward pressure this week. As of May 30, the spot quotes for Co3O4 fell to the range of 199,000-207,800 yuan/mt, with an average price of 203,400 yuan/mt, representing a 1.26% decline compared to May 23. According to SMM, from the supply side, the quotes from Co3O4 smelters were lowered, and the smelters' willingness to sell increased somewhat. On the demand side, most LCO producers had already completed their order procurement in the early stage and still held a certain level of inventory. They adopted a wait-and-see attitude and had a low willingness to stockpile. Therefore, market transactions this week were mainly focused on executing existing orders, with overall market activity remaining low. Considering that the price of cobalt salt, the raw material, remained at highs, the downside room for the spot price of Co3O4 in the short term is limited. It is expected that the spot price will maintain highs. In terms of news: Hanrui Cobalt previously released its Q1 2025 performance report. According to the announcement, the company achieved a total operating revenue of 1.501 billion yuan in Q1, up 14.56% YoY. The net profit attributable to shareholders of the publicly listed firm was 42.8596 million yuan, up 39.77% YoY. When asked about the company's current products and capacities, Hanrui Cobalt stated that its cobalt products include refined cobalt powder, cobalt hydroxide, cobalt carbonate, cobalt chloride, refined cobalt, etc. Among them, in terms of cobalt powder, Anhui Hanrui has a fully automated production line with an annual capacity of 5,000 mt of refined cobalt powder, leading globally in terms of capacity and automation level. Its cobalt powder exports rank among the top in China. The cobalt hydroxide capacity is 10,000 mt/year, and the refined cobalt capacity reaches 15,000 mt/year. In addition, Ganzhou Hanrui put into operation the "Project with an Annual Output of 5,000 mt of Electrodeposited Nickel and 5,000 mt of Electrodeposited Cobalt" in July 2024. Currently, its electrodeposited cobalt capacity has reached 15,000 mt. Copper products: Mainly copper cathode, with a capacity of 70,000 mt/year. Specifically, the copper cathode capacity of its subsidiary Hanrui Metal is 50,000 mt, and that of Congo Metal is 20,000 mt. Other products and capacities: The planned capacity of high-grade nickel matte is 20,000 mt/year, currently under construction. The capacity of cathode materials is 5,000 mt/year. Additionally, Hanrui Cobalt was questioned about the impact of the DRC's restrictions on cobalt exports on the company. It responded that in February 2025, the DRC made a decision to suspend cobalt intermediate product exports for four months. Following the DRC's export ban, cobalt product prices saw a significant increase. The company maintains a safety stock of raw materials. The export ban did not have a major impact on the company's production. In 2024, the company achieved a total revenue of 5.95 billion yuan, up 24.25% YoY; net profit attributable to shareholders of publicly listed firms was 202 million yuan, up 45.85% YoY. Regarding the reasons for the company's performance growth, Hanrui Cobalt stated that it was mainly due to the expansion of the company's copper and cobalt production capacity, as well as an increase in production and sales. In terms of cobalt production in 2024, Hanrui Cobalt produced a total of 16,169.17 mt (metal content) of cobalt products, a significant increase of 94.78% YoY; sales reached 15,400.65 mt (metal content), up 70.26% YoY, primarily driven by the commissioning of the company's 10,000 mt refined cobalt project. Annual report data shows that Hanrui Cobalt is mainly engaged in the R&D, production, and sales of refined cobalt powder, cobalt hydroxide, electrodeposited cobalt, electrodeposited copper, and other copper and cobalt products. Centered around copper and cobalt products, the company has formed a complete industrial process from the development and acquisition of raw cobalt ore to the processing and smelting of cobalt ore, and ultimately to the production of cobalt intermediate products and cobalt powder. It is one of the few domestic enterprises with a complete industrial chain for non-ferrous metal cobalt. At the end of the reporting period, the company's cobalt powder ranked among the top three in global market share. In July 2024, the company completed the construction of a 5,000 mt electrodeposited cobalt and a 5,000 mt electrodeposited nickel project in Ganzhou. Considering the process similarity and actual market conditions, the 5,000 mt electrodeposited nickel project was simultaneously converted into a 5,000 mt electrodeposited cobalt project. By the end of 2024, Ganzhou Hanrui had a production capacity of 15,000 mt of electrodeposited cobalt.

Novelis' fiscal year 2025 performance report shows that in fiscal year 2025, Novelis' net sales increased by 6% YoY to USD 17.1 billion, primarily driven by the rise in average aluminum prices and a 2% increase in total shipments of rolled products to 3.757 million mt. The growth in shipments was mainly attributed to record-high shipments of beverage packaging and an increase in shipments of aerospace products, although this growth was partially offset by a decline in shipments of specialty products and automotive products. In fiscal year 2025, Novelis' net income attributable to common shareholders increased by 14% YoY to USD 683 million, while adjusted EBITDA decreased by 4% to USD 1.8 billion. This was mainly due to the YoY increase in aluminum scrap prices, an unfavorable product mix, and rising operating costs, which were partially offset by an increase in total shipments and product price increases.

Novelis' fiscal year 2025 performance report shows that in fiscal year 2025, Novelis' net sales increased by 6% YoY to USD 17.1 billion, primarily driven by the rise in average aluminum prices and a 2% increase in total shipments of rolled products to 3.757 million mt. The growth in shipments was mainly attributed to record-high shipments of beverage packaging and an increase in shipments of aerospace products, although this growth was partially offset by a decline in shipments of specialty products and automotive products. In fiscal year 2025, Novelis' net income attributable to common shareholders increased by 14% YoY to USD 683 million, while adjusted EBITDA decreased by 4% to USD 1.8 billion, primarily due to the YoY increase in aluminum scrap prices, an unfavorable product mix, and rising operating costs, which were partially offset by an increase in total shipments and product price increases.