Maanshan Iron & Steel : OVERSEAS REGULATORY ANNOUNCEMENT - ANNOUNCEMENT ON RESOLUTIONS OF THE BOARD OF DIRECTORS

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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)

OVERSEAS REGULATORY ANNOUNCEMENT

ANNOUNCEMENT ON RESOLUTIONS OF

THE BOARD OF DIRECTORS

This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

On 19 July 2021, the forty-sixth meeting of the ninth session of the board of directors of Maanshan Iron & Steel Company Limited (the "Company") was held by way of written resolutions. There were five directors eligible for attending the meeting and five of them attended it. The following resolution was considered and approved at the meeting:

The Company is approved to waive its right for capital injection to Ouye Lianjin Renewable Resources Co., Ltd., which is a subsidiary controlled by Magang (Group) Holdings Co., Ltd., a controlling shareholder of the Company.

For details, please refer to the Voluntary Announcement - Waiver of Capital Injection To Investee Company issued by the Company on the same day.

The above-mentioned resolution is related transaction matter and the related director Mr. Ding Yi was abstained from voting when considering the resolution. The voting result of such resolution was: 4 voted in favor, 0 voted against and 0 abstained from voting.

The Board

Maanshan Iron & Steel Company Limited

19 July 2021

Maanshan City, Anhui Province, the PRC

As at the date of this announcement, the directors of the Company include executive directors Ding Yi and Ren Tianbao; and independent non-executive directors Zhang Chunxia, Zhu Shaofang and Wang Xianzhu.