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    323   CNE1000003R8

MAANSHAN IRON & STEEL COMPANY LIMITED

(323)
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Maanshan Iron & Steel : OVERSEAS REGULATORY ANNOUNCEMENT - ANNOUNCEMENT ON RESOLUTIONS OF THE BOARD OF DIRECTORS

09/17/2021 | 11:12am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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 17 September 2021, the forty-ninth meeting of the ninth session of the board of directors of Maanshan Iron & Steel Company Limited (the "Company") was held by way of circulation of written resolutions. There were five directors eligible for attending the meeting and five of them attended it. The meeting was reviewed by non- connected directors, and the following resolutions were considered and approved at the meeting:

The resolution on capital injection into Baowu Water Technology Co., Ltd. by the Company was approved and submitted to the general meeting for consideration.

For details of the resolution, please refer to the Connected Transaction Capital Injection Agreement issued by the Company on the same day.

The resolution related to connected transaction matter and the connected director Mr. Ding Yi was abstained from voting. The voting result by non-connected director was: 4 voted in favor, 0 voted against and 0 abstained from voting.

According to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, the resolution shall be implemented after voting by non-associated directors of the board of directors of the Company. However, according to the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange and the Implementation Guidelines for Related Party Transactions of Listed Companies issued by the Shanghai Stock Exchange, due to the inclusion in the resolution, in the event that the cumulative

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amount of the same type of related party transactions conducted between the Company and the same connected person within 12 consecutive months accounts for more than 5% of the absolute value of the latest audited net assets of the Company, the Company shall submit the resolution to the general meeting for consideration. As such, the Company will submit the resolution to the general meeting for consideration, which shall be implemented subject to the approval by the non-associated shareholders.

The Board

Maanshan Iron & Steel Company Limited

17 September 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.

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Disclaimer

Maanshan Iron & Steel Company Limited published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 15:11:10 UTC.


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Financials
Sales 2021 109 B 17 063 M 17 063 M
Net income 2021 7 138 M 1 119 M 1 119 M
Net Debt 2021 13 752 M 2 155 M 2 155 M
P/E ratio 2021 3,14x
Yield 2021 14,9%
Capitalization 32 768 M 5 132 M 5 135 M
EV / Sales 2021 0,43x
EV / Sales 2022 0,47x
Nbr of Employees 22 145
Free-Float 40,3%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2,97 CNY
Average target price 4,00 CNY
Spread / Average Target 34,8%
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Xiao Feng Zhang Chairman-Supervisory Board
Yi Ding Chairman
Tong Zhou Qin Independent Member-Supervisory Board
Ya Da Yang Independent Member-Supervisory Board
Chun Xia Zhang Independent Non-Executive Director
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