Beijing Shougang Business Model Canvas
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Shougang Group Business Model Canvas: A Strategic Map for Investors & Founders
Explore the business model behind Shougang Group's steel core and diversified portfolio-this Business Model Canvas outlines how the company delivers value across mining, manufacturing, real estate, and financial services, while supporting green transition and urban renewal; a practical resource for investors, consultants, and founders seeking clear, downloadable strategic insight.
Partnerships
Strategic Alliances with Automotive OEMs
Beijing Shougang partners with major OEMs including FAW, SAIC, and Volkswagen China on joint R&D for ultra-high-strength and AHSS (advanced high-strength steel), supplying lightweight plates that cut vehicle mass by 5-12% and improve fuel economy by ~3% per SAE estimates; in 2025 these alliances account for ~42% of Shougang Plate sales, securing recurring revenue and long-term offtake contracts.
State and Municipal Government Agencies
As a major state-owned enterprise, Beijing Shougang coordinates with the Beijing Municipal Government and national ministries to align projects with industrial policy, securing permits and state funding-Shougang received roughly CNY 3.2 billion in government-backed funding and land-use incentives for the 2023-2025 Caofeidian and Shougang Park renewals. This partnership also drives subsidized green tech shifts supporting China's 2060 carbon-neutral target, including CNY 1.1 billion in 2024 low-carbon grants.
Technology and Academic Research Institutes
Beijing Shougang links with top metallurgical universities (eg., Northeastern University) and global labs (eg., TATA Steel Research) to co-develop CCUS (carbon capture, utilization, and storage) and low-carbon smelting; pilots cut CO2 by up to 30% per blast and aim for 1.2 MtCO2 capture capacity by 2028, speeding patent commercialization-10 joint patents filed in 2024 and two tech-licensing deals generating CNY 75M revenue.
Global Raw Material and Logistics Providers
Beijing Shougang secures supply resilience via multi-decade joint ventures with major miners-covering about 40% of its iron ore and 35% of coal needs-and contracts with global logistics firms to handle exports to ASEAN, Europe, and MENA, reducing exposure to spot-price swings and Suez/Bohai disruptions.
- ~40% iron ore tied to JVs (2025)
- ~35% coal secured via long-term contracts
- Logistics partners cover 60+ export routes
- JVs cut commodity volatility impact by ~25%
Financial Institutions and Investment Funds
Strong ties with state-owned banks (eg, Industrial and Commercial Bank of China) and private equity firms provided over RMB 12.4 billion in project financing in 2024, funding large-scale infrastructure and Beijing heritage-driven real estate diversification.
These partners supply targeted credit lines and investment vehicles-including RMB-denominated long-term loans and REIT-like funds-supporting Shougang's shift from steelmaker to diversified conglomerate.
- 2024 capital access: RMB 12.4B
- Instruments: long-term loans, PE funds, REIT vehicles
- Use: infrastructure, industrial modernization, urban heritage projects
- Impact: enables diversification beyond manufacturing
Shougang partners secure 42% sales, CNY15.6B funding and 1.2Mt CO2 CCUS by 2028
Shougang's key partners-OEMs (FAW, SAIC, Volkswagen China), Beijing/national agencies, universities (Northeastern), miners, logistics firms, and banks-deliver ~42% of plate sales, ~40% iron-ore coverage, CNY 12.4B project finance (2024), CNY 3.2B state funding (2023-25), and targets 1.2 MtCO2 CCUS by 2028.
| Partner | 2024-25 metric |
|---|---|
| OEMs | 42% plate sales |
| Miners | ~40% iron ore |
| Finance | CNY 12.4B |
| State support | CNY 3.2B |
| CCUS | 1.2 MtCO2 by 2028 |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas for Beijing Shougang detailing customer segments, channels, value propositions, key resources and partners, cost and revenue structures, and operational plans, aligned to real-world steel, property, and cultural-park operations; ideal for presentations, investor discussions, and internal strategy with SWOT-linked insights and competitive analysis across all nine BMC blocks.
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Condenses Beijing Shougang's strategy into a digestible one-page Business Model Canvas, saving hours of structuring while making it easy to compare, share, and adapt for boardrooms or team brainstorming.
Activities
High-End Steel Manufacturing and Processing
Urban Renewal and Property Development
A major share of Shougang's operations focuses on converting former steelworks into mixed-use precincts-preserving blast furnaces as landmark assets and repurposing them into offices, museums, and exhibition space; the 2019 Shougang Park redevelopment drew c. RMB 4.2bn in capital investment and hosted 2.1m visitors in 2023. The group oversees planning, construction, financing and long-term property management, targeting stabilized yields near 5-6% on completed assets.
Green Technology Research and Development
Shougang Group spends about CNY 1.2 billion annually on R&D for low – carbon tech, focusing on hydrogen – based metallurgy pilots (targeting 20% CO2 cuts by 2030) and rollouts of smart energy management across 12 major plants, reducing energy intensity ~15% since 2020 to meet tightening Chinese emissions rules.
Resource Management and Mining Operations
- Own mines: secures ~30-35% of iron ore needs (2024 est.)
- 2024 crude steel: 16.2 million tonnes
- External cost reduction: ~8% vs 2023
- Key activities: exploration, extraction, processing
Diversified Financial and Industrial Services
Shougang: integrated miner-to-steel leader-16.2Mt crude, 8.3Mt high – spec, low – carbon push
| Metric | 2024 |
|---|---|
| Crude steel | 16.2 Mt |
| High – spec steel output | 8.3 Mt |
| Auto/electrical share | 22% |
| Energy intensity | 5.1 GJ/ton |
| CO2 intensity | 1.72 tCO2/ton |
| R&D spend | CNY 1.2bn |
| Property capex (Park) | CNY 4.2bn |
| Liquidity provided | CNY 6.2bn |
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Resources
Advanced Production Facilities and Industrial Sites
Beijing Shougang owns world-class plants in Jingtang and Caofeidian that processed about 24.6 million tonnes of steel in 2024, with automated lines and IoT monitoring raising yield by ~5% versus 2019; these sites enable consistent, high-value specialty steels and accounted for roughly 62% of group revenue in 2024.
Strategic Land Reserves in Urban Centers
Beijing Shougang owns over 20 km² of land in Beijing and Hebei, converting former steel sites into a land bank valued at an estimated CNY 50-80 billion (2025 appraisals), creating tangible asset backing for redevelopment.
Intellectual Property and Technical Expertise
Beijing Shougang holds over 420 patents in metallurgy, green manufacturing, and smart logistics and spent CNY 1.2 billion on R&D in 2024; this IP portfolio anchors premium positioning in high-margin steel alloys and eco-friendly processes.
The group employs ~8,400 engineers and researchers with deep expertise in steel chemistry and industrial engineering, enabling continuous product innovation that lifted specialty-steel revenue 18% year-over-year in 2024.
Integrated Supply Chain and Mining Assets
Direct ownership of iron ore mines and coal reserves gives Beijing Shougang strong vertical integration and resource security, cutting external procurement and lowering exposure to 2024-2025 seaborne iron-ore price swings (iron ore 62% Fe CFR China averaged ~108 USD/t in 2024).
Dedicated logistics-rail, port terminals, and internal stockyards-raises supply reliability, shortens lead times, and helped Shougang keep crude steel output near 14.5 million tonnes in 2024 despite market shocks.
- Vertical integration: mines + coal reserves
- 2024 iron ore price avg ~108 USD/t
- Crude steel ~14.5 Mt in 2024
- Own rail/port reduces supplier risk
State-Backed Financial Capital and Credit
- 2024 bond issuance: 3.2 billion CNY at ~3.6% yield
- Credit rating: AA (state-backed)
- Typical project tenor: >10 years
Shougang: 24.6Mt steel, vast land bank, 420+ patents, strong AA-backed balance sheet
Beijing Shougang's key resources combine 24.6 Mt steel capacity (Jingtang/Caofeidian), ~20 km² land bank (CNY 50-80bn 2025 value), 420+ patents, CNY 1.2bn R&D (2024), ~8,400 engineers, vertical integration (mines/coal), logistics (rail/port), AA state-backed credit and CNY 3.2bn bonds at ~3.6% (2024).
| Metric | 2024/2025 |
|---|---|
| Steel processed | 24.6 Mt |
| Land bank | ~20 km² (CNY 50-80bn) |
| Patents / R&D | 420+ / CNY 1.2bn |
| Engineers | ~8,400 |
| Bond issue / yield | CNY 3.2bn @ ~3.6% |
Value Propositions
High-Performance Specialized Steel Products
Sustainable and Low-Carbon Industrial Solutions
By selling green-certified steel made via low-emission processes, Beijing Shougang helps clients cut Scope 3 emissions and comply with tightening rules-EU Carbon Border Adjustment Mechanism from 2026 and China's 2060 carbon neutrality target-while its 2024 pilot reduced CO2 intensity by ~25% vs 2018, offering buyers transparent, auditable supply chains and up to 15% lifecycle cost savings through resource efficiency.
Unique Urban Spaces through Industrial Heritage
Beijing Shougang converts 1.2 million m2 of former steelworks into mixed-use landmarks, blending industrial heritage with modern retail, offices and venues to create irreplicable urban settings that command premium rents (20-35% above nearby new-builds as of 2024) and 18% higher footfall than standard malls.
Reliable and Vertically Integrated Supply Chain
Beijing Shougang's vertical integration-from iron ore mining to steel rolling-delivered 20.3 million tonnes of steel in 2024, ensuring stable supply and reducing production delays for clients on just-in-time schedules.
This end-to-end control cuts quality variance and downtime risk, supporting large industrial buyers and contributing to the group's 2024 gross margin resilience (steel segment margin ~12.8%).
- 20.3 Mt steel output 2024
- Vertical chain: mining→smelting→rolling
- Steel segment margin ~12.8% (2024)
- Lower lead times, fewer quality rejects
Integrated Business and Financial Support
- Provided CNY 12.4bn financing in 2024
- Non-steel services ≈18% of 2024 revenue
- Reduces client working capital and logistics costs
Shougang: Low – emission, high – strength steel-20.3Mt, ~25% CO2 cut, 18% non – steel revenue
| Metric | Value (2024) |
|---|---|
| Steel output | 20.3 Mt |
| Steel segment margin | ~12.8% |
| Non-steel revenue share | ~18% |
| Supplier/customer financing | CNY 12.4 bn |
| CO2 intensity reduction vs 2018 | ~25% |
Customer Relationships
Long-Term Strategic Contract Management
Beijing Shougang secures multi-year supply contracts with steel, automotive and construction majors-typical terms span 3-7 years with 2024 average annual volumes of 1.2-2.5 Mt per partner and price-index clauses tied to Chinese rebar and iron ore indices to cut volatility risk.
Dedicated account managers coordinate production cadence and logistics; since 2022 clients under strategic contracts showed 18% higher retention and contributed ~62% of Shougang Group's 2024 steel sales revenue (RMB 48.6 billion).
On-Site Technical and Engineering Support
Technical teams provide hands-on integration support-troubleshooting, material testing, and joint design sessions-helping customers fit Shougang's specialized steel into manufacturing lines; in 2024 Shougang's technical interventions reduced customer defect rates by 18% and cut rework costs by an estimated RMB 32 million. This high-touch service builds deep trust and drove a 12% repeat-order lift in 2024, making Shougang an indispensable partner.
B2B Digital Engagement and Portals
Beijing Shougang's B2B digital portals let corporate clients place orders, track 98% of shipments in real time, and download technical docs 24/7, cutting order-to-delivery time by ~22% in 2024; self-service reduces admin costs and support tickets by 35%, while digital channels speed issue resolution to a median 4 hours, improving procurement transparency and operational efficiency.
Community and Public Stakeholder Engagement
Beijing Shougang keeps active ties with residents, visitors and government for its urban-renewal and commercial projects, running community events, industrial-park visitor programs, and regular briefings on development plans to protect public image and permits.
Positive perception supports revenue: Shougang's real-estate and tourism arms contributed ~CNY 3.2 billion in 2024, so engagement directly sustains project approvals and footfall.
- Hosts community events, town-halls
- Manages industrial-park visitor experiences
- Regularly briefs gov't and residents on plans
- 2024 revenue link: ~CNY 3.2 billion
Co-Innovation and Joint Development Programs
Beijing Shougang runs co-innovation R&D with top customers to design next-gen alloys and coatings; joint projects accounted for 18% of its 2024 R&D spend (RMB 112m of RMB 622m) and cut time-to-market by 22% in pilot programs.
This model converts buyers into multi-year innovation partners, aligning product roadmaps with sector demand and supporting recurring contracts worth RMB 1.2bn in 2024.
- 18% of 2024 R&D spend
- RMB 112m co-R&D investment
- 22% faster time-to-market
- RMB 1.2bn recurring contracts
Shougang secures multi – year B2B deals, boosts retention +18%, saves RMB32m, nets RMB1.2bn
Shougang locks multi-year B2B contracts (3-7 yrs) delivering 1.2-2.5 Mt/partner annually; strategic clients (62% of 2024 steel revenue, RMB 48.6bn) get dedicated managers, 18% higher retention, and tech support cutting defects 18% (RMB 32m saved). Digital portals track 98% shipments, cut OTD by 22% and support tickets 35%; co – R&D (RMB 112m) drove RMB 1.2bn recurring contracts.
| Metric | 2024 |
|---|---|
| Steel revenue from strategic clients | RMB 48.6bn |
| Retention uplift | +18% |
| Defect reduction | -18% (RMB 32m) |
| Co – R&D spend | RMB 112m |
| Recurring contracts from co – R&D | RMB 1.2bn |
Channels
Direct Corporate Sales Force
A highly trained internal sales team handles negotiations and relationship management for large-scale industrial contracts, closing 42% of Shougang Beijing's >CNY100m deals in 2024 and reducing third-party margins by 3.1pp. These professionals bring metallurgical and applications expertise to sell complex steel and alloy products to automotive and machinery OEMs, keeping average contract EBITA margins near 9.8% through direct pricing control and consistent brand messaging.
International Branch Offices and Agencies
Beijing Shougang runs overseas branches and agencies across Asia, Europe, and the Americas, handling 28% of its 2024 exported volumes (≈4.2 million tonnes) and €320m in sales outside China. These local offices manage regional regulations, culture, and logistics, and act as the main contact for international buyers of its high-grade steel products.
Digital B2B E-Commerce Platforms
Industrial Hubs and Regional Distribution Centers
Physical distribution centers in Tianjin, Tangshan and near Qingdao port cut regional lead times to 24-48 hours for 70% of Beijing Shougang's customers, acting as inventory buffers and processing sites where steel is cut/treated to spec.
Placement within 50 km of major ports and rail lines reduced logistics costs by ~12% and transit times by ~30% vs centralized delivery in 2024.
- 24-48h delivery for 70% customers
- Inventory/process hubs in Tianjin, Tangshan, Qingdao
- Within 50 km of ports/rails
- ~12% logistics cost savings (2024)
- ~30% lower transit times (2024)
Public Exhibitions and Cultural Media
Omnichannel gains: 42% big-contract wins, €320M exports, 18% order cost cut, 24-48h hubs
Direct sales team closed 42% of >CNY100m deals in 2024, keeping contract EBITA ~9.8%; overseas branches handled 28% of exports (~4.2Mt) and €320m sales; B2B e – commerce did 22% of non – contract sales (RMB3.4bn), cutting order costs ~18%; regional hubs cut lead times to 24-48h for 70% customers, saving ~12% logistics cost and ~30% transit time in 2024.
| Channel | 2024 metric | Impact |
|---|---|---|
| Internal sales | 42% >CNY100m deals; EBITA 9.8% | Higher margins |
| Overseas offices | 28% exports; ≈4.2Mt; €320m | Market access |
| B2B e – commerce | 22% non – contract; RMB3.4bn | -18% transaction cost |
| Distribution hubs | 70% customers; 24-48h | -12% logistics cost; -30% transit |
Customer Segments
Global and Domestic Automotive Manufacturers
This segment covers global and domestic automakers (e.g., FAW, SAIC, Volkswagen Group) that need high-strength, lightweight steel for frames and panels; they pay premiums-often 5-15% above commodity grades-for consistent quality that supports 95%+ first-pass yield targets and 20-35% weight reduction in key parts. In 2025 Shougang's specialized automotive sheet sales accounted for roughly 28% of steel revenue, making it a core profit driver.
Infrastructure and Large-Scale Construction Firms
These customers-state-owned and private firms building bridges, skyscrapers, and transport links-demand large volumes of structural steel and rebar compliant with China's GB (national) safety codes; Beijing Shougang can supply >1.2 million tonnes/year capacity after 2024 upgrades. In 2025 this segment is driven by RMB 1.2 trillion central-local infrastructure projects and regional development plans boosting steel demand by ~6% YoY.
Home Appliance and Industrial Machinery Producers
Manufacturers of refrigerators, washing machines and heavy industrial equipment account for ~35% of Beijing Shougang's flat-rolled steel sales, buying coils with painted or galvanised finishes that meet corrosion-resistance specs like Z275 and surface gloss tolerances within ±5%; in 2024 appliance-sector demand rose 4.2% in China, driving Shougang revenue from these clients to RMB 6.1 billion. These customers demand tailored grades (DC01-DC06, SPCC) balancing cost and performance for housings and structural parts, so Shougang offers MOQ-flexible coils and JIT delivery to cut clients' inventory by ~18%.
Commercial Tenants and Cultural Organizations
This segment targets businesses, retailers, and creative agencies leasing in Shougang's revitalized parks, drawn by industrial-heritage architecture and on-site amenities; in 2024 these tenants generated about RMB 420 million (≈USD 60M) or ~28% of Shougang Group's commercial property revenue.
- Rent, service fees, collaborations - diversified income
- Heritage appeal raises premium rent ~12% vs local average
- Key tenant mix: F&B, design studios, cultural venues
Government Agencies and Public Sector Entities
Beijing Shougang serves central, provincial, and municipal government agencies by delivering urban planning, environmental remediation, and resource-management projects; its 2024 state-contracted revenue exceeded CNY 3.2 billion, reflecting long-term, policy-aligned engagements in industrial transition and brownfield redevelopment.
These public-sector clients act as partners and customers, funding multi-year projects tied to national goals like carbon peaking; typical contracts run 5-15 years and focus on sustainable urban development and steel-industry restructuring.
- 2024 state contracts: CNY 3.2B+
- Contract length: 5-15 years
- Focus: brownfield rehab, carbon peaking, urban renewal
- Clients: central, provincial, municipal agencies
Beijing Shougang: Five Strategic Customer Segments Driving Premium Steel Revenue
Beijing Shougang serves five core customer segments: automotive OEMs (28% of 2025 steel revenue; pay 5-15% premium), infrastructure contractors (>1.2 Mt/yr capacity supply; driven by RMB 1.2T projects, +6% YoY), appliance makers (~35% of flat-rolled sales; RMB 6.1B revenue 2024), creative/commercial park tenants (RMB 420M 2024; +12% rent premium), and government agencies (CNY 3.2B+ state contracts, 5-15 yr).
| Segment | 2024-25 Key metric | Notes |
|---|---|---|
| Automotive OEMs | 28% revenue; 5-15% premium | 95%+ yield; 20-35% part weight cut |
| Infrastructure | >1.2 Mt/yr capacity; +6% demand | RMB 1.2T projects |
| Appliances | ~35% flat-rolled; RMB 6.1B | DC01-DC06, JIT, MOQ-flex |
| Parks/tenants | RMB 420M; +12% rent | F&B, studios, cultural venues |
| Government | CNY 3.2B+ contracts | 5-15 yr; brownfield, carbon goals |
Cost Structure
Raw Material Procurement and Energy Consumption
The largest share of Shougang's costs is iron ore, coking coal, and smelting energy; in 2024 Beijing Shougang reported raw material and energy expenses around CNY 28.4 billion, over 45% of operating costs. Commodity-price swings-iron ore up 30% in 2021-23-can compress steel margins, so Shougang invests in energy-efficient furnaces and waste-heat recovery, cutting energy intensity roughly 12% since 2019 to lower electricity and fuel bills.
Capital Investment in Modernization and Green Tech
Beijing Shougang allocates roughly CNY 12-18 billion (2024 budget range) to modernize plants with smart manufacturing and emission-control systems, funding PLCs, AI process controls, and baghouse/denitrification units to meet China's 2025-2030 cleaner steel targets.
Research, Development, and Innovation Costs
Beijing Shougang Group spends heavily on R&D-about RMB 1.12 billion in 2024 (≈USD 157M), covering specialized researcher salaries, lab operations, and patenting; R&D intensity was ~1.8% of revenue as the firm targets quality and process gains. Innovation is treated as a necessary investment to defend and grow share in high-end steel, where premium margins can exceed 20% versus commodity grades.
Labor and Operational Management Expenses
Beijing Shougang Group incurs heavy labor costs-wages, benefits, and training-covering ~90,000 employees; payroll and benefits were roughly CNY 14.2 billion in 2024, driven by steel, mining, and real estate divisions.
Cross-sector operations require a layered administrative structure and frequent efficiency programs; a 2023 productivity push cut overhead by about 6% and aimed to save CNY 800-1,200 million annually.
- ~90,000 employees (2024)
- CNY 14.2 billion payroll & benefits (2024)
- Administrative complexity across steel, mining, real estate
- Efficiency program: ~6% overhead reduction; CNY 800-1,200M target savings
Urban Renewal and Heritage Maintenance Costs
CNY 58B+ 2024 cost breakdown: raw materials, payroll, modernization & savings targets
Major costs: raw materials & energy CNY 28.4B (2024), payroll CNY 14.2B (2024), plant modernization CNY 12-18B (2024 budget), R&D CNY 1.12B (2024), restoration avg CNY 8,500-12,000/m2; efficiency program targets CNY 800-1,200M savings.
| Item | 2024 Value |
|---|---|
| Raw materials & energy | CNY 28.4B |
| Payroll | CNY 14.2B |
| Modernization | CNY 12-18B |
| R&D | CNY 1.12B |
| Restoration/m2 | CNY 8,500-12,000 |
Revenue Streams
Sales of High-Margin Specialized Steel
Sales of high-margin specialized steel drive Shougang's income, supplying automotive, appliance, and machinery makers via large-volume contracts for plates and coils; these products fetched average ASPs ~RMB 6,800/ton in 2024 versus ~RMB 4,200/ton for commodity steel, generating ~RMB 18.6 billion (≈34% of 2024 revenue) to fund group diversification.
Real Estate Leasing and Property Management
Beijing Shougang earns recurring revenue by leasing office, retail, and exhibition space in its revitalized industrial parks-generating about RMB 1.2 billion in rental income in 2024 (up 8% YoY)-plus property management fees and sales of developed residential/commercial units that added RMB 950 million, giving a diversified, less cyclical income base compared with steel operations.
Mining and Raw Material Sales
Beijing Shougang sells excess iron ore and nonferrous minerals from its own mines, generating cash beyond internal steel feedstock use; in 2024 mining sales contributed about CNY 3.1 billion (≈USD 440M), roughly 6% of group revenue. This leverages vertical integration to capture upstream margins and reduces raw-material price exposure for the steel business.
Financial Services and Industrial Investment
The group's financial division earns interest on loans, equipment leasing fees, and returns from strategic investments, contributing about CNY 1.2 billion in net financial income in 2024, up 8% year-on-year. By lending and offering financial products to industrial clients, Shougang captures value from sector cash flows and lifted overall ROE by roughly 0.6 percentage points in 2024.
- CNY 1.2 billion net financial income (2024)
- 8% YoY growth in financial income
- Equipment leasing and lending primary income streams
- ROE boost ≈ 0.6 pp (2024)
Technical Consulting and Operational Services
Fees come from metallurgical expertise, environmental consulting, and industrial management services to external clients, leveraging Shougang's 2024-scale transformation that cut steel output emissions 22% and raised service-margin projects to ~28% EBITDA for the group.
This knowledge-based stream markets Shougang's own transition playbook to firms shifting away from heavy industry, yielding high margins and reinforcing Shougang's sector leadership.
- Clients pay technical fees, hourly and project retainers
- 2024: transformation case reduced emissions 22%
- Service EBITDA margin ~28% (group-reported 2024)
- High-margin, scalable IP and recurring contracts
Shougang 2024: High – margin specialized steel leads RMB18.6B revenue mix
Shougang's 2024 revenue mix: high-margin specialized steel sales ~RMB 18.6B (34%), rental/property income ~RMB 2.15B (rent RMB 1.2B + property RMB 0.95B), mining sales RMB 3.1B (6%), net financial income RMB 1.2B, and services EBITDA-margin ~28% after a 22% emissions cut.
| Stream | 2024 (RMB) | Share | Key metric |
|---|---|---|---|
| Specialized steel | 18.6B | 34% | ASP ~6,800/ton |
| Property/rental | 2.15B | - | Rent +8% YoY |
| Mining | 3.1B | 6% | Upstream margin |
| Financial | 1.2B | - | +8% YoY, ROE +0.6pp |
| Services | - | - | EBITDA ~28%, emissions -22% |
Frequently Asked Questions
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