Taiwan Steel Union Co., Ltd. · TWSE:6581
Taiwan Steel Union — Q2 2026 Earnings Presentation
29 slides from Taiwan Steel Union's earnings presentation, Jul 31, 2026
Slide 1: 2026Q2 Earning Conference
Stock No. 6581 2026Q2 Earning Conference Deputy General Manager Jackie Lin July 31 2026
Slide 2: Disclaimer
Disclaimer The consolidated financial statement is hereby based on IFRS and reviewed/audited by CPA. The presentation may include forward-looking statements with respect to the operations and business of the company other than the historical results. The actual results may differ from those indi
Slide 3: TSU - Profile
TSU - Profile – Main Business Authority：Established by Industrial Development Administration Ministry of Economic Affairs 1995 – Competent Authority：Ministry of Environment – Capital：US$36 millions、Staff：109 people – Stock No：6581(IPO in 2018) – License Capacity：EAFD + Zinc Contain Waste：198,900t/y
Slide 4: TSU Business Overview
TSU Business Overview – Urban Mining and Resource Recycling • 1 ton of Billet produces 2% EAFD (Main Raw Materials)。 • To support the government’s green energy initiatives, we successfully expanded our waste processing capacity in 2025. We are now authorized to handle 10 different types of recyclabl
Slide 5: 100% Circular Economy
100% Circular Economy – TSU Collaborates with Taiwan’s EAF Steel Industry to Create a 100% Circular Economy and Zero-Waste Model. Page 5
Slide 6: Waelz Kiln Technical principles and advantages
Waelz Kiln Technical principles and advantages Carbothermic reduction for zinc oxide recovery Reduction (solid phase) Oxidation (gas phase) 1.ZnO+CO Zn +CO2 1. CO+1/2O2 CO2 2.CO2+C 2CO 2. Zn+1/2 O2 ZnO (Exothermic) 3.ZnO+C Zn +CO 4.FeO+CO Fe+CO2 5.CO2+C 2CO 6.FeO+C Fe +CO 7.Fe + O2 FeO (Exothermic)
Slide 7: Taiwan Steel Union's Leading Advantages in Global EAF Dust Recycling
<3, Taiwan Steel Union’s Leading Advantages in Global EAF Dust Recycling —— ( Among the Global Top 5 in ) ( 25% Lower Greenhouse EAF Dust Recycling i 5 Gas Emissions Than Peers | World’s 3rd Largest Single-Site * Low-Carbon Technology Exported Overseas Processing Capacity 999 ( ia). ask, ee a= ¥ Adv
Slide 8: Successful Case of Low-Carbon Technology Transfer in 2025
Successful Case of Low-Carbon Technology Transfer in 2025 – Central Europe's largest zinc smelter • Key Tech Transfer: Low-Carbon Alkaline Operation and Secondary Slag Heating Technology • Execution Period: March 31, 2024 to October 27, 2025 • Outcomes & Benefits: o Reduced fuel coke consumption by
Slide 9: TSU Overseas Success Cases of In-House Low-Carbon Production Technologies
TSU Overseas Success Cases of In-House Low-Carbon Production Technologies -Exporting Circular Technologies for International Engagement – Decarbonization Tech Transfer Success Featured at Leading European Non-Ferrous Metals Forum (28nd May, 2026) • 「X ANNIVERSARY NON-FERROUS METALS FORUM」is the prem
Slide 10: Sustainability Certifications and Governance Performance
Sustainability Certifications and Governance Performance Low-Carbon Production and Manufacturing Capacity for Climate Processes Change Adaptation Ministry of Environment Carbon Footprint Reduction Label CDP Carbon Footprint of Heat Treatment Services- 2024-25 Climate Change 4.2% Management B score
Slide 11: 2026Q2 Performance
2026Q2 Performance Page tt OQeiwarcaned
Slide 12: Revenue and Net Income
Revenue and Net Income Revenue and Net Income 2,637,583 2,378,461 2,210,758 2,041,441 1,853,873 1,622,229 1,282,106 985,885 832,371 565,621 686,753 408,293 505,212 486,086 2020 2021 2022 2023 2024 2025 2026H1 Revenue Net Income Page 12
Slide 13: Sales Analysis
Sales Analysis 2026H1 Sales Break Down 2025H1 Sales Break Down waste waste refractory Other Waste refractory Concrete 1% 11% 2% 2% Slag Other Waste Concrete 6% 13% 2% EAFD Slag 1% 12% Crude Zinc Crude Zinc Oxide Oxide EAFD 65% 79% 6% ■TSR Business Page 13
Slide 14: Crude Zinc Oxide (CZO)
Crude Zinc Oxide (CZO) 項目 2026H1 2025H1 Diff % Production 22,004 ton 24,899 ton (12%) Sales 23,505 ton 23,947 ton (2%) 2026H1 Crude Zinc Oxide Revenues 2025H1 Crude Zinc Oxide Revenues By Location By Location Others Thailand 2% 13% Thailand Taiwan Taiwan 18% 10% 8% Japan 53% Belgium Japan 21% Belgiu
Slide 15: LME Zinc Historical Prices
LME ZINC HISTORICAL PRICES LME ZINC MONTHLY AVERAGE PRICES 3,700 3,540.50 3,320.80 3,488.21 3,300 3,149.13 3,361.55 +$614 (22%) 3,220.17 3,187.40 3,159.74 3,187.91 2,900 2,930.00 2,784.35 2,758.85 2,500 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Zinc prices r
Slide 16: Revenue Contribution from TSU Waste
Revenue Contribution from TSU Waste 項目 2026H1 2025H1 Diff % EAFD (including stainless) 46,574 ton 54,908 ton (15%) Product contain 2.5% Zn Wastes contain 2.5% Zn Electroplating Sludge Incinerates Fly Ash 14,997 ton 16,532 ton (9%) Contaminated Soil RDF Waste contain calorific value Page 16
Slide 17: Slag - TSR
Slag - TSR Unit：ton Item 2026H1 2025H1 Diff % LF Slag 30,993 60,093 (48%) Rotary Kiln Slag (TSU) 40,416 49,119 (18%) waste refractory 5,191 8,310 (38%) Reused volume by TSR in 2025H1 & Unit：m3 2026H1 Item 2026 2025 Diff % H1 H1 80,000 Concrete 40,044 34,684 15% 60,000 40,000 20,000 0 LF slag Rotary
Slide 18: Consolidated Income Statements for 2026 H1
Consolidated Income Statements for 2026 H1 (NT$million) 115Q2 115Q1 diff diff% 114Q2 diff diff% Sales 847 435 412 95% 639 208 33% Operating Costs 331 204 127 62% 302 29 10% Gross Profit 516 231 285 123% 337 179 53% Operating Expenses 70 63 7 11% 71 -1 -1% Net Operating Profit 446 168 278 165% 266 18
Slide 19: Consolidated Income Statements for 2026 H1
Consolidated Income Statements for 2026 H1 (NT$ 2026H1 2025H1 Diff Diff % million) Sales 1,282 1,131 151 13% Operating Costs 535 533 2 0% Gross Profit 747 598 149 25% Operating Expenses 133 143 -10 -7% Net Operating Profit 614 455 159 35% Net Income 486 352 134 38% EPS(NT$) 4.37 3.17 1.2 38% Page 19
Slide 20: Payout Ratio >70%
Payout Ratio >70% 10 95% 100% 8.84 86% 9 90% 82% 80% 79% 8 80% 74% 7.47 7 6.5 70% 6.17 6.0 6 60% 5.3 5.08 5 4.54 50% 4.0 4.3 4 3.66 40% 3.0 3 30% 2 20% 1 10% 0 0% 2020 2021 2022 2023 2024 2025 EPS Dividend Payout ratio Page 20
Slide 21: Business Prospect
Business Prospect OQeiwarcaned
Slide 22: Crude Zinc Oxide Business Forecast
Crude Zinc Oxide Business Forecast CZO Sales Demands continue exceeding supply in 2026. Expand Zinc Waste Recycling Business is now applying. This means we can take in more zinc materials and increase our Zinc Oxide production in the future. 2026 Treatment charge: US$80US$85, remains at the low l
Slide 23: Zinc Waste Recycling Business Forecast
Zinc Waste Recycling Business Forecast Carbon Steel EAFD Steel output declined due to weak domestic demand, lower steel prices, and China’s overcapacity, reducing EAFD supply. Stainless Steel EAFD Maintain last year’s cooperative source. EAFD from Dumping Site Market demand remains, pending go
Slide 24: Zinc Waste Recycling Business Forecast
Zinc Waste Recycling Business Forecast Electroplating Zinc dewatered sludge General approval obtained, allowing nationwide acceptance. Taiwan-U.S. tariffs confirmed at 15%; Steady Recovery Expected in Electroplating Output. Zn≧2.5% Wastes Maintaining current clients, multiple cases have been con
Slide 25: Secondary Raw Material Waste Recycling Business Forecast
Secondary Raw Material Waste Recycling Business Forecast Contaminated Soil (non-agricultural) High-margin hazardous heavy metal-contaminated soil treatment remains our core business focus for 2026. Fly Ash (Provide the best way in the market) Market Leader in Fly Ash Recycling (84% Share) EIA re
Slide 26: Other Business Outlook
Other Business Outlook Roof-Top Solar Panel are continuously installed Location：TSU and TSR Current power generation : 1,356 KW(Renewable energy accounts for 10%) Additional power generation：3,831 KW Schedule：2026 complete & start-up Benefit： Green power, carbon reduction and boosting renewable en
Slide 27: (TSR) Slag Recycling Business Forecast
(TSR) Slag Recycling Business Forecast Reducing Slag The Taiwan steel industry is currently facing a downturn, 2026 production target 78,559 mton/yr, 100% meeting Stabilization Expansion Standard. 2026Q2 production 36,184 mton, 99.63% meeting Stabilization Expansion Standard. Other waste reu
Slide 28: (TSR) Concrete Sale Forecast
(TSR) Concrete Sale Forecast Concrete Product Type：CLSM Concrete for refill Target Non-Structure Concrete 2026 production target 75,968 m3/yr, 2026Q2concrete product sale 40,044 m3, Quarterly target achievement rate 101% Developing low-carbon CLSM Developing Alkali-activated Concrete techn
Slide 29: Thanks for Your Attention
Thanks for Your Attention Q&A TSU TAIWAN STEEL UNION CO., LTD