Maanshan Iron & Steel : ANNOUNCEMENT ON RESOLUTION PASSED AT THE 2021 FIRST EXTRAORDINARY GENERAL MEETING

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馬 鞍 山 鋼 鐵 股 份 有 限 公 司

Maanshan Iron & Steel Company Limited

(A joint stock limited company incorporated in the People's Republic of China)

(Stock Code: 00323)

ANNOUNCEMENT ON RESOLUTION PASSED AT

THE 2021 FIRST EXTRAORDINARY GENERAL MEETING

Important Notes:

• Resolution voted down at the 2021 first extraordinary general meeting (the "EGM"): None

The 2021 first EGM of Maanshan Iron & Steel Company Limited ("the Company") was held at the Magang Office Building, No. 8 Jiu Hua Xi Road, Maanshan City, Anhui Province, the People's Republic of China (the "PRC") at 1:30 p.m. on Tuesday, 30 November 2021. All the resolutions listed in the notice of the 2021 first extraordinary general meeting dated 14 October 2021 were approved.

1. CONVOCATION AND ATTENDANCE OF THE EGM
2. 1. Date of the EGM: 30 November 2021
   2. Venue of the EGM: Magang Office Building, No. 8 Jiu Hua Xi Road, Maanshan City

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1. Details of holders of ordinary shares and holders of preference shares with restored voting rights present at the EGM and their shareholdings:

1. Number of shareholders attending either in person
or by proxy	48
Among which: Number of holders of A shares	47
Number of holders of overseas listed
foreign shares (H shares)	1
2. Total number of shares with voting rights held by
shareholders present at the EGM (shares)	4,226,107,682
Among which: Total number of shares held by holders
of A shares	3,995,677,496
Total number of shares held by holders
of overseas listed foreign shares (H
shares)	230,430,186
3. Percentage of shares with voting rights held by
holders present at the EGM to total number of shares
with voting rights of the Company (%)	54.88
Among which: Shares held by holders of A shares
to total number of shares (%)	51.89
Shares held by holders of overseas
listed foreign shares (H shares) to
total number of shares (%)	2.99

1. Voting was held in compliance with stipulations of the Company Law of the People's Republic of China and the Articles of Association of the Company. The EGM was presided over by Mr. Ding Yi, the chairman of the Company.
2. Directors, supervisors and senior management members present at the EGM
3. 1. 5 out of 5 current directors of the Company were present at the EGM;
   2. 5 out of 5 current supervisors of the Company were present at the EGM;
   3. Ms. He Hongyun, secretary to the board of directors, and the senior management members including Mr. Mao Zhanhong, Mr. Fu Ming and Mr. Zhang Maohan were present at the EGM.

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In addition, Mr. Yuan Xinyu and Ms. Zhang Yiji, lawyers from Beijing Dentons Law Office LLP (Nanjing) appointed by the Company, attended the EGM. Da Hua Certified Public Accountants (Special General Partnership) Anhui Branch acted as the scrutineer of the EGM, and Mr. Wang Yuan attended the EGM on behalf of the institute.

1. DELIBERATION OF THE RESOLUTIONS
2. 1. Resolutions for Non-cumulative voting
      1. To consider and approve the Ordinary Related Transactions Supplemental Agreement newly entered into between the Company and China Baowu Steel Group Corporation Limited, so as to update the 2021 proposed annual caps under the Ordinary Related Transactions Supplemental Agreement entered into by the Company and it on 7 May 2020.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,565,487	99.93	218,680	0.07
H shareholders	230,430,186	100.00	0	0.00
Total number	538,995,673	99.96	218,680	0.04

2. To consider and approve the Continuing Connected Transactions Supplemental Agreement newly entered into between the Company and Magang (Group) Holding Co., Ltd., so as to update the 2021 proposed annual caps under the Continuing Connected Transactions Supplemental Agreement entered into between the Company and it on 7 May 2020.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,565,487	99.99	22,800	0.01
H shareholders	230,430,186	100.00	0	0.00
Total number	538,995,673	100.00	22,800	0.00

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3. To consider and approve the Continuing Connected Transactions Supplemental Agreement newly entered into between the Company and Ouye Lianjin Renewable Resources Co., Ltd., so as to update the 2021 proposed annual caps under the Continuing Connected Transactions Supplemental Agreement entered into between the Company and it on 7 May 2020.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,761,367	99.99	22,800	0.01
H shareholders	230,430,186	100.00	0	0.00
Total number	539,191,553	100.00	22,800	0.00

4. To consider and approve the Supplementary Energy Saving and Environmental Protection Agreement entered into between the Company and Anhui Xinchuang Energy Saving and Environmental Protection Science & Technology Co., Ltd., so as to update the 2021 proposed annual caps under the 2019-2021 Energy Saving and Environmental Protection Agreement entered into between the Company and it on 15 August 2018.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,761,367	99.99	22,800	0.01
H shareholders	230,430,186	100.00	0	0.00
Total number	539,191,553	100.00	22,800	0.00

5. To consider and approve the transactions contemplated and proposed annual caps under the 2022-2024 Sale and Purchase of Product Agreement entered into between the Company and China Baowu Steel Group Corporation Limited.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,565,487	99.93	218,680	0.07
H shareholders	230,430,186	100.00	0	0.00
Total number	538,995,673	99.96	218,680	0.04

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6. To consider and approve the transactions contemplated and proposed annual caps under the 2022-2024 Acceptance and Provision of Services Agreement entered into between the Company and China Baowu Steel Group Corporation Limited.

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	308,565,487	99.93	218,680	0.07
H shareholders	230,430,186	100.00	0	0.00
Total number	538,995,673	99.96	218,680	0.04

7. To consider and approve the transactions contemplated and proposed annual caps under the 2022-2024 Financial Services Agreement entered into between Magang Group Finance Co., Ltd. and Magang (Group) Holding Co., Ltd..

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
of votes	(%)	of votes	(%)
A shareholders	247,590,225	80.18	61,193,942	19.82
H shareholders	137,196,516	59.54	93,233,670	40.46
Total number	384,786,741	71.36	154,427,612	28.64

8. To consider and approve the resolution on the Company's capital injection into Baowu Water Technology Co., Ltd..

Type of	For	Against
Number	Percentage	Number	Percentage
shareholders
	of votes	(%)	of votes	(%)
A shareholders	330,709,201	99.93	218,680	0.07
H shareholders	230,430,186	100.00	0	0.00
Total number	561,139,387	99.96	218,680	0.04

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