The board of directors of Angang Steel Company Limited hereby announced that Mr. Xu Shishuai (Mr. Xu) tendered his resignation as general manager under the Board of the company to the Board on 29 December 2022 due to changes in work arrangement. The resignation of Mr. Xu takes effect from 29 December 2022. The Board announced that Mr. Zhang Hongjun ("Mr. Zhang") has been appointed as general manager of the company with effect from 29 December 2022.

The biographical details of Mr. Zhang are set out as follows: Mr. Zhang, aged 49, currently serves as the deputy secretary of the Party Committee of the Company, deputy secretary of the Party Committee and a director of Anshan Iron & Steel Co. Ltd. and a senior engineer. Mr. Zhang graduated from Zhejiang University in 1996 with a bachelor's degree in Engineering, majoring in industrial electrical automation.

In 2007, he obtained a master's degree in Engineering, majoring in material engineering from Northeastern University. Mr. Zhang joined Anshan Iron & Steel Co. Ltd. in 1996, and has served as the deputy general manager of Bayuquan Iron & Steel Branch Company of the Company, the assistant of the general manager of the Company, the manager, deputy secretary of the Party Committee of Bayuquan Iron & Steel Branch Company of the Company, a member of the standing committee of the Party Committee of Anshan Iron & Steel Co.

Ltd., a member of the standing committee of the Party Committee, a deputy general manager of the Company and the general manager, deputy secretary of the Party Committee of Bayuquan Iron & Steel Branch Company, the general manager of the Strategic Planning Department of Angang Group Company Limited and other positions. The term of office of Mr. Zhang as a director will commence upon the approval of his appointment by the shareholders at a general meeting and shall expire at the end of the ninth session of the Board of the company. The company will enter into a service contract with Mr. Zhang.

The remuneration of Mr. Zhang will be determined by the Board with reference to his responsibilities, the company's remuneration policy and the prevailing market conditions.