The board of directors (the "Board") of Shougang Concord Grand (Group) Limited announces that Mr. Su Guifeng ("Mr. Su") has resigned as the managing director of the Company ("Managing Director") with effect from 1 January 2021 but remains as an Executive Director and the member of the executive committee of the Board due to his personal reasons. Mr. Su has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation as the Managing Director that needs to be brought to the attention of the shareholders of the Company. Upon the resignation of Mr. Su as the Managing Director, Mr. Xu Liang performs both the roles of the Managing Director and the Chairman of the Board.