On 28 August 2026, Maanshan Iron & Steel’s tenth-session board of directors convened its 54th meeting at the company’s Magang Office Building. All six eligible directors attended, validating the meeting’s resolutions.

Key resolutions and data points:

1. Leadership Change • Fu Ming was appointed General Manager, effective immediately and serving through the current board term.

2. Provision Adjustments (Company and Subsidiaries) • Inventory: Prior-period write-down provisions totaling RMB388.43 million were written off, while fresh write-downs of RMB304.82 million were recognized. • Receivables: Bad-debt provisions of RMB12.69 million were reversed. • Fixed Assets: Prior-period impairment provisions of RMB177.93 million were written off. • Aggregate impact: Net reduction of RMB273.47 million in provisions, equivalent to approximately USD37 million at prevailing exchange rates.

3. Financial Statements • The unaudited interim financial report for the six months ended 30 June 2026 was approved. No performance metrics were disclosed in the announcement.

4. Risk Management • The board accepted the H1 2026 risk assessment report on Baowu Group Finance Co., Ltd., underscoring continued oversight of related-party financial exposure.

5. Operational Excellence • Directors approved the interim assessment of the 2026 “Improving Quality, Enhancing Efficiency and Emphasizing Returns” action plan.

All resolutions passed unanimously (6-0) and received prior clearance from the relevant board committees, including the Audit and Compliance Committee and the Nomination Committee.

The company emphasized that the meeting complied with legal and constitutional requirements, ensuring governance transparency and accountability.