Context: How Bolsa de Valores de Lima works, and what it makes issuers disclose · Peru on the LatAm Power Map
Peru’s only large-scale iron ore miner ships nearly all of its ore to China, earns remarkable profit margins — and in 2025 watched its sole ship-loading crane collapse onto a vessel at its own port, costing it months of exports.
| Full name | Shougang Hierro Perú S.A.A. |
| Ticker / Exchange | SHPC1 — Bolsa de Valores de Lima (BVL) |
| Headquarters | Av. República de Chile 262, Jesús María, Lima, Peru; operations in San Juan de Marcona, Ica |
| Sector | Iron ore mining & processing |
| Employees | ~2,000 |
| Market value (market cap) | ~S/ 11.1 billion (~US$ 3.3 billion) — our calculation at 24.90 PEN/share × 446 m shares ÷ 3.4066 |
| Yearly sales (revenue) — FY 2025 | S/ 4.383 billion (US$ 1.286 billion) — our calculation |
| Net profit — FY 2025 | S/ 1.261 billion (US$ 370 million) — our calculation |
| Net margin — FY 2025 | 28.8% — our calculation |
| Return on equity | ~42.6% (FY 2024, per financial filings) |
| Price-to-earnings (P/E) | ~8.5× |
| Dividend yield | ~5.7% (trailing twelve months) |
| Website | www.shougang.com.pe |
What it is
Shougang Hierro Perú digs up, processes, and sells iron ore — the raw material used to make steel — from a concession in San Juan de Marcona, in the Ica region of southern Peru. Its product range runs from blast furnace pellets to high-grade sinter feed, drawn from a deposit covering roughly 150 square kilometres.
Nearly all of its sales — 99.97% in 2024 — go to export markets, overwhelmingly China. It is the sole producer of iron ore at any significant scale in Peru, holding a 98.3% share of national output.
Who owns it
On 30 December 1992, China’s Shougang Group acquired the former state company Hierro Perú and founded the current entity, in which it holds 98.52% of the capital. The remaining 1.48% — spread across 1,513 small shareholders — trades on the Lima exchange.
Shougang Group, today one of China’s largest steel conglomerates and headquartered in Beijing, bought the company from the Peruvian state in a privatisation at end-1992. The free float is minimal, which makes the listed shares thinly traded despite the company’s size.
Who runs it
General Manager (CEO) Meng Xiangchun holds a master’s degree in mine engineering from Beijing University of Science and Technology and brings 30 years of experience within Shougang Group, including roles at Shougang Mining Corporation and Beijing Shougang Mining Investment; he also currently serves as Director of Shougang Generación Eléctrica S.A.A.
Zhang Liang became Chairman of the Board in 2026, heading a five-member board composed entirely of Shougang Group insiders. There are no independent directors on the board, which is an unusual governance structure for a listed company and a risk flag for minority investors.
The money, in plain words
In 2025 the company took in S/ 4.383 billion (US$ 1.286 billion, our calculation) in revenue, down from S/ 5.864 billion (US$ 1.721 billion) in 2024; net profit was S/ 1.261 billion (US$ 370 million), versus S/ 2.089 billion (US$ 613 million) the year before. Even after the bad year, it kept roughly 29 cents of profit from every sol of sales — a net profit margin of 28.8% (our calculation), high for any industrial business.
FY 2024, the year just prior, was itself a step back: revenue fell 6.2% from 2023 to S/ 5.86 billion (US$1.7 bn), and net income slipped 11% to S/ 2.09 billion (US$614 mn) — even as volumes shipped rose 6.80% in 2024, reaching a record 19.84 million metric tonnes. Lower iron ore prices, not weaker volumes, drove the revenue decline in 2024.
The company carries virtually no financial debt and funds its capital programme entirely from cash flow, which is a rare luxury in mining.
What it is doing now
On 5 May 2025 the sole ship-loading crane at its San Nicolás port terminal collapsed onto the deck of a vessel, halting all exports. The gantry broke apart during ore-loading operations, causing a stockpile build-up; the replacement had to be manufactured in China, with no suppliers available in South America.
After roughly two months of halted shipments, the company resumed operations once repairs were complete and the national port authority gave its clearance.
Meanwhile, the company is spending more than US$ 580 million on three big growth projects: a new US$ 247 million deepwater pier at San Nicolás (construction underway, due to finish in late 2026), a new crusher plant for Mine 5 (US$ 66 million), and a third production line (US$ 268 million). Capital investment in fixed assets and intangibles reached S/ 1.043 billion (US$306 mn) in 2024 and S/ 1.560 billion (US$458 mn) in 2025 — the company is reinvesting heavily even as profits fell.
What to watch
- Iron ore price: Almost all revenue is dollar-denominated and tied to benchmark iron ore prices; a 10% move in the iron ore price flows almost directly to the bottom line.
- Port resilience: The 2025 crane collapse showed that a single piece of equipment can stop the entire business. The new pier under construction aims to fix this single-point-of-failure risk.
- Owner intentions: With Shougang Group holding 98.52%, any decision on dividends, capital returns, or further expansion rests entirely with Beijing — minority shareholders are passengers.
- Production fell 11.42% in 2025 from the prior year’s record, directly because of the ship-loader accident. A full recovery in 2026 depends on both the port restart and steady ore prices.
- Governance: The absence of independent directors is a standing concern for anyone assessing how minority shareholder interests are protected.
Sources
- Shougang Hierro Perú S.A.A. — Memoria Anual 2024, Superintendencia del Mercado de Valores (SMV), Peru
- Shougang Hierro Perú S.A.A. — Memoria Anual 2025, Bolsa de Valores de Lima (BVL)
- Shougang Hierro Perú S.A.A. — Full-year 2025 financial results filing via SMV/MarketScreener, February 2026
- Gestion.pe — Shougang reinicia embarques tras reparación de cargador en San Nicolás, July 2025
- Simply Wall St — SHPC1 company profile and board data
- Market data: EODHD (structure); primary financial figures sourced from SMV/BVL filings as above.
This is news, not investment advice.
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