Maanshan Iron & Steel : Announcement on Resolutions of The Third Meeting of The Ninth Session of The Supervisory Committee

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

(Stock Code: 00323)

OVERSEAS REGULATORY ANNOUNCEMENT

ANNOUNCEMENT ON RESOLUTIONS OF THE THIRD MEETING OF THE NINTH SESSION OF

THE SUPERVISORY COMMITTEE

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.

The third meeting(the "Meeting") of the ninth session of the Supervisory Committee (the "Supervisory Committee") of Maanshan Iron & Steel Company Limited(the "Company") was held at the Magang office building on 19 January 2018. The Meeting was chaired by Mr. Zhang Xiaofeng, chairman of the Supervisory Committee. There were five supervisors eligible for attending the Meeting and five of them attended it. After consideration, the following resolutions were unanimously approved:

• 1. The resolution on the disposal of retiring fixed assets of the Company for the fourth quarter of 2017 was considered and approved.

  It was considered at the Meeting that such resolution is in compliance with the accounting standards for enterprises of the PRC, and is in line with the actual situation of the fixed assets of the Company. The consideration procedures are also in compliance with the laws and regulations.

• 2. The resolution on the disposal of assets at the smelter operational area of Ma Steel (Hefei) Iron & Steel Co., Limited, a subsidiary controlled by the Company, was considered and approved.

  It was considered at the Meeting that such resolution is in compliance with the accounting standards for enterprises of the PRC, and is in line with the actual situation of the assets of the Company. The consideration procedures are also in compliance with the laws and regulations, and no action that will impair the interests of the Company and its shareholders is identified.

3.

The resolution on the commencement of the financial derivative hedging business by the Company was considered and approved.

It was considered at the Meeting that such resolution is in compliance with the internal control regulations of the Company and the consideration procedures are also in compliance with the laws and regulations.

The voting results on the above three resolutions were as follows: 5 voted in favour, 0 voted against and 0 abstained from voting.

Supervisory Committee

Maanshan Iron & Steel Company Limited

19 January 2018

Maanshan City, Anhui Province, the PRC

As at the date of this announcement, the directors of the Company include: Executive Directors: Ding Yi, Qian Haifan, Zhang Wenyang Non-executive Directors: Ren Tianbao

Independent Non-executive Directors: Zhang Chunxia, Zhu Shaofang , Wang Xianzhu