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2024 is a turning point for the international economy. At the beginning of the year, the global economy has been recovering moderately and gradually shedding inflationary pressures. Economic activity in Europe and the United States has continued to stabilize while Mainland China has rolled out various policies to stimulate economic vitality. Supported by global monetary easing and fiscal stimulus, a cycle of interest-rate cuts has begun, which is progressively mitigating the dampening effect of high interest rates on economic activity and should help sustain solid global growth. Domestically, recent economic performance has remained on a steady growth path. Exports have continued to expand-driven by emerging technologies and the AI wave-which in turn has spurred domestic demand and investment; consequently, domestic demand has become the main pillar supporting economic growth. This dynamic has also contributed to strong performance in Taiwan's stock market, and the continued capacity expansion by domestic semiconductor manufacturers has led to steady growth in the Company's related orders.
Hsin Kuang Steel remains committed to providing professionalsteel services. Despite significant external market volatility, we continue to integrate corporate resources and enhance our core capabilities. In 2024, we benefited from the ongoing business expansion of advanced manufacturing processes from domestic semiconductor companies and support from local demand for initiatives such as the "Three Major Programs for Investing in Taiwan" and green energy infrastructure development. With a sales target of 400,000 tons, we achieved 82% of this goal, indicating room for further improvement. However, the construction schedule for domestic green energy generation facilities was pushed back because contract signings were delayed by administrative procedures; therefore, performance could not exceed that of the previous year.
Hsin Kuang Steel firmly believes that respecting human rights and fostering a dignified working environment are crucial for both our company and our supply chain partners. We are dedicated to establishing a people-centered, healthy workplace, while adhering to the core principles and spirits of human rights set forth in various global human rights conventions, such as the United Nations Global Compact, the UN Universal Declaration of Human Rights, and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work. These principles guide our commitment to the responsibility of respect and safeguard for human rights.
Hsin Kuang Steel considers its employees the most valuable asset. We provide challenging and meaningful work, a safe working environment, a friendly and healthy workplace, competitive compensation, and comprehensive employee benefits. In addition, we encourage employees to cultivate their family life, pursue personal interests, participate in social activities, and enjoy a fulfilling life beyond work.
The world faces the urgent challenge of reducing greenhouse gas emissions and mitigating global warming. Hsin Kuang Steel recognizes the significant impact global warming and extreme climate crises have on the sustainable development of businesses. Therefore, we are fully committed to taking actions on corporate social responsibility, energy conservation and carbon reduction, and environmental protection initiatives such as greening efforts and resource recycling, and we are actively contributing to sustainable development.
In response to future domestic regulations regarding carbon trading and corporate carbon management, the Company has adopted energy-saving designs in the construction of new plants and offices and continued to improve energy efficiency during operations. These measures not only save costs but also effectively reduce the emission of greenhouse gases(GHG).
Upholding the concept of sustainable development such as environmental protection, clean energy, and space reuse, Hsin Kuang Steel has installed a rooftop solar power system with a power capacity of 16.56 MW in 2024. This system is the largest single commercial rooftop solar installation in Taiwan under the DuPont™ "Safe Roof, Worry-Free Power Generation" program. In 2024, it generated 24.43 million kWh of electricity, reducing CO2 emissions by over 12,075 metric tons, equivalent to the amount of carbon that approximately 31 Daan Forest Parks absorb. Over the years, this system has produced 100.23 million kWh of electricity, reducing CO2 emissions by nearly 51,127 metric tons, equivalent to the amount of carbon that about 131 Daan Forest Parks absorb.
Hsin Kuang Steel embraces the philosophy of "taking from society and giving back to society", focusing on community care, ongoing talent cultivation, and supports for disadvantaged groups through dedicated care and concrete actions. In 2024,Hsin Kuang Steel, together with Hsin Kuang Steel Tian-Cheng Charity Foundation and New Taipei City Private Hui Jung Welfare and Charity Foundation, jointly contributed a total of NT$51.08 million to community care and other public welfare initiatives
As the saying goes, "It takes ten years to grow a tree, but a hundred years to nurture a person." Talent is the cornerstone of national development and a vital indicator which represents the efforts a nation make to remain its current productivity and competitiveness. With talented individuals, a country can swiftly respond to changes in the external environment. Recognizing the importance of talent cultivation, former Chairman Tian-Cheng Chang and current Ming-Te Su have embodied the spirit of "taking from society and giving back to society" and fulfilled their corporate social responsibility, contributing to the collective good of society through the establishment of elite scholarships at twelve universities across Taiwan in the name of Hsin Kuang Steel Tian-Cheng Charity Foundation and Hui Jung Welfare and Charity Foundation. Since 2019, scholarships and certificates have been awarded annually to outstanding students, encouraging them to strive for excellence. To date, 347 students have received awards, with cumulative scholarship disbursements exceeding NT$34.7 million. We will continue to offer these scholarships, and fulfill our corporate responsibility for national talent cultivation. We hope that these academically recognized elite students will, in the future, give back to society and contribute to the nation, becoming leaders that drive the country's future development. Even if they choose to build their careers overseas and are unable to return to serve Taiwan, we still hope they will make far-reaching contributions to global social development like Morris Chang, Jensen Huang, and Lisa Su, and thereby indirectly enhance the overall strength of industries in Taiwan.
In 2024, Hsin Kuang Steel Tian-Cheng Charity Foundation and Hui Jung Welfare and Charity Foundation Joint Elite Scholarship Program provided scholarships of NT$5.8 million in total amount 58 outstanding students from twelve universities, including National Taiwan University, National Tsing Hua University, National Yang Ming Chiao Tung University, National Cheng Kung University, National Taiwan University of Science and Technology, and National Taipei University of Technology. This scholarship program reflects Hsin Kuang Steel's commitment to fulfilling corporate social responsibility.
Hsin Kuang Steel will maintain a rigorous and proactive approach in implementing its business strategies and plans, while strengthening decision-making quality and adaptability. We anticipate that in 2025, as the manufacturing sectors in major economies gradually recover and expand, coupled with the robust domestic economic development guided by Taiwan's Forward-looking Infrastructure Development Program, whose budget has expanded to over NT$600 billion, we will be well-positioned to reach new heights and welcome a fruitful and prosperous business outlook.
