Taiwan Steel Union Co., Ltd. · TWSE:6581
Taiwan Steel Union — Q1 2026 Earnings Presentation
28 slides from Taiwan Steel Union's earnings presentation, Apr 29, 2026
Slide 1: 2026Q1 Earning Conference
Stock No. 6581 2026Q1 Earning Conference Deputy General Manager Jackie Lin April 29 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. TSU Page 5
Slide 6: Waelz Kiln Technical principles and advantages
Waelz Kiln Technical principles and advantages Carbothermic reaction Reduction(fusion phase) Oxidation(Gas phase) 1.ZnO+CO Zn +CO2 1. CO+1/2O2 CO2 2.CO2+C 2CO 2. Zn+1/2 O2 ZnO (heat release) 3.ZnO+C Zn +CO 4.FeO+CO Fe+CO2 5.CO2+C 2CO 6.FeO+C Fe +CO 7.Fe + O2 FeO (heat release) Technical features： 3H
Slide 7: 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- 2025 Climate Change 4.2% Management B score (T
Slide 8: 2026Q1 Performance
2026Q1 Performance Page 8 OQeiwarcaned
Slide 9: 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 1,622,229 985,885 832,371 686,753 565,621 505,212 408,293 435,086 130,222 2020 2021 2022 2023 2024 2025 2026Q1 Revenue Net Income Page 9
Slide 10: Sales Analysis
Sales Analysis 2026Q1 Sales Break Down 2025Q1 Sales Break Down Other Waste waste waste 15% refractory Concrete refractory Other Waste 2% 4% 13% 4% Concrete Slag 2% 8% Crude Zinc Slag Crude Zinc EAFD Oxide 14% Oxide 1% 70% 61% EAFD 6% ■TSR Business Page 10
Slide 11: Crude Zinc Oxide (CZO)
Crude Zinc Oxide (CZO) 項目 2026Q1 2025Q1 Diff % Production 11,953 ton 12,829 ton (7%) Sales 7,688 ton 9,289 ton (17%) 2026Q1 Crude Zinc Oxide Revenues 2025Q1 Crude Zinc Oxide Revenues By Location By Location Thailand Others 10% 1% Taiwan Thailand 12% 15% Taiwan Japan 16% 42% Belgium Japan Belgium 6%
Slide 12: LME Zinc Historical Prices
LME ZINC HISTORICAL PRICES LME ZINC MONTHLY AVERAGE PRICES 3,400 3,320.80 3,187.40 3,149.13 2026Q1 3,220.17 3,159.74 3,187.91 3,000 2,930.00 2025Q1 2,758.85 2,784.35 2,600 2,646.15 2,650.90 2,625.33 2,200 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Zinc prices
Slide 13: U.S. Dollar Exchange Rate
U.S. Dollar Exchange Rate U.S. Dollar Currency MONTHLY AVERAGE PRICES 33.00 32.63 2025Q1 32.00 31.86 31.53 31.50 31.38 31.00 31.16 2026Q1 30.62 30.37 30.00 30.18 30.17 -$1.264 (-4%) 29.65 29.31 29.00 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 2026Q1 U.S. Doll
Slide 14: Revenue Contribution from TSU Waste
Revenue Contribution from TSU Waste 項目 2026Q1 2025Q1 Diff % EAFD (including stainless) 24,995 ton 28,531 ton (12%) Product contain 2.5% Zn Wastes contain 2.5% Zn Electroplating Sludge Incinerates Fly Ash 6,891 ton 6,956 ton (0.9%) Contaminated Soil RDF Waste contain calorific value Page 14
Slide 15: Slag - TSR
Slag - TSR Unit：ton Item 2026Q1 2025Q1 Diff % LF Slag 15,659 30,660 (49%) Rotary Kiln Slag (TSU) 21,455 25,167 (15%) waste refractory 2,553 5,457 (53%) Reused volume by TSR in 2025Q1 & Unit：m3 2026Q1 2026 2025 Item Diff % Q1 Q1 40,000 Concrete 22,968 17,698 30% 20,000 0 LF slag Rotary kiln Waste Sla
Slide 16: Successful Case of Low-Carbon Technology Transfer in 2025
Successful Case of Low-Carbon Technology Transfer in 2025 – Central Europe's largest zinc smelter • Key Tech Transfer: Low-Carbon Alkaline Operation and Secondary Slag Heating Technology • Execution Period: March 31, 2024 to October 27, 2025 • Outcomes & Benefits: o Reduced fuel coke consumption by
Slide 17: Consolidated Income Statements for 2026 Q1
Consolidated Income Statements for 2026 Q1 (NT$ 2026Q1 2025Q1 Diff Diff % million) Sales 435 493 -58 -12% Operating Costs 204 232 -28 -12% Gross Profit 231 261 -30 -11% Operating Expenses 63 72 -9 -13% Net Operating Profit 168 189 -21 -11% Net Income 130 143 -13 -9% EPS(NT$) 1.17 1.28 -0.11 -9% Page
Slide 18: 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 18
Slide 19: Business Prospect
Business Prospect OQeiwarcaned
Slide 20: Crude Zinc Oxide Business Forecast
Crude Zinc Oxide Business Forecast CZO Sales Demands continue exceeding supply in 2026. Our environmental permit update has been approved. 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 leve
Slide 21: 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 22: 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 23: 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 24: 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 25: Smart & Low-Carbon Transformation for Resource Circulation
Smart & Low-Carbon Transformation for Resource Circulation – Low-Carbon & Intelligent Carbon Reduction Enhancement Project AI-driven production processes and Establishing an IoT Data Visualization Platform output of high-value products Smart Dispatch, Inspection & Preventive Carbon and Energy Manage
Slide 26: (TSR) Slag Recycling Business Forecast
(TSR) Slag Recycling Business Forecast Reducing Slag The Taiwan steel industry is currently facing a downturn, 2026 production target 92,444 mton/yr, 100% meeting Stabilization Expansion Standard. 2026Q1 production 18,212 mton, 99% meeting Stabilization Expansion Standard. Other waste reuse
Slide 27: (TSR) Concrete Sale Forecast
(TSR) Concrete Sale Forecast Concrete Product Type：CLSM Concrete for refill Non-Structure Concrete 2026 production target 66,000 m3/yr, 2026Q1concrete product sale 22,968 m3, Quarterly target achievement rate 177% Developing low-carbon CLSM Developing Alkali-activated Concrete technology t
Slide 28: Thanks for Your Attention
Thanks for Your Attention Q&A TSU TAIWAN STEEL UNION CO., LTD