| | | Date of | | | | | | |
| | | incorporation/ | | Place of | | Percentage of | | |
| Name of subsidiary or affiliate | | acquisition | | incorporation | | shareholding | | Principal activities |
| | | | | | | | | |
| Sutor Steel Technology Co., Ltd. (“Sutor BVI”) | | August 15, 2006 | | British Virgin Islands | | 100% | | Investment holding |
| | | | | | | | | |
| Changshu Huaye Steel Strip Co., Ltd. (“Changshu Huaye”) | | January 17, 2003 | | PRC | | 100% | | Manufactures of hot-dip galvanized steel (“HDG”) and pre-painted galvanized steel (“PPGI”) |
| | | | | | | | | |
| Jiangsu Cold-Rolled Technology Co., Ltd. (“Jiangsu Cold-Rolled”) | | August 28, 2003 | | PRC | | 100% | | Manufacture of cold-rolled steel, acid pickled steel and hot-dip galvanized steel |
| | | | | | | | | |
| Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. (“Ningbo Zhehua”) | | April 5, 2004 | | PRC | | 100% | | Manufactures heavy steel pipe |
| | | | | | | | | |
| Sutor Technology Co., Ltd. (“Sutor Technology”) | | February 24, 2010 | | PRC | | 100% | | Trading of steel products |
| | | | | | | | | |
| China Railway Materials Suzhou Company Limited. (“CRM Suzhou”) | | August 10, 2012 | | PRC | | 39% | | Metal materials trading |