CITIC Group, formerly known as China International Trust and Investment Corporation,was established in 1979 by Mr. Rong Yiren with the support of the late prominent Chinese leader Deng Xiaoping. It is a state-owned multinational conglomerate with diversified businesses covering finance, energy and resources, manufacturing, engineering contracting, real estate and others. CITIC Group ranks 149th on Fortune Global 500 in 2018.
In order to coordinate the development of two subsidiaries in resources sector, build a solid platform for mining business and maintain its competitive advantage and market position, CITIC Metal Group Limited ("CITIC Metal" or "the Company"), was established through the merger of–CITIC Metal Co., Ltd. and CITIC United Asia Investments Limited ("CITIC United Asia"). CITIC Metal entered a new phase in December 2016 by evolving into the operating and profitable hub of CITIC's resources segment, highly compatible with CITIC Group's strategic goal of disciplined and balanced growth in both financial and non-financial businesses.
As a leading trader and investor of metallurgical feedstock and their end products, CITIC Metal specializes in niobium, iron ore, non-ferrous metals, steel, coal and chemicals etc. Its investment portfolio includes Companhia Brasileira de Metalurgia e Mineracao (CBMM), Las Bambas copper mine, Ivanhoe Mines, CITIC Titanium Industry, China Platinum, Western Superconducting Technologies Co., Ltd. (WST), CITIC Dameng, and Tianjin Precious Metals Exchange. The Company is also entrusted by CITIC Group to manage Jinzhou Metal and Xingguang Mining.
With a registered capital of HK$ 11.8 billion, CITIC Metal has total assets of HK$ 30.1 billion and net assets attributable to equity holders of HK$ 13.8 billion as of December 31, 2017. There are 1,159 employees under the Company and 2,781 employees under entrusted companies.