Angang Steel : PROPOSED CHANGE OF SHAREHOLDERS' REPRESENTATIVE SUPERVISOR

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.

(Stock Code: 0347)

PROPOSED CHANGE OF SHAREHOLDERS'

REPRESENTATIVE SUPERVISOR

Resignation of Mr. Li Wenbing

The board of directors (the "Board") of Angang Steel Company Limited* ( 鞍 鋼 股 份 有 限 公 司) (the "Company") hereby announces that Mr. Li Wenbing ( 李 文 冰) ("Mr. Li") tendered his resignation as a supervisor ("Supervisor") of the Company to the supervisory committee of the Company (the "Supervisory Committee") on 12 April 2021 due to the inconvenience to perform his duty as a Supervisor as a result of an ongoing investigation on Mr. Li. For details, please refer to the announcement of the Company dated 8 February 2021. The resignation of Mr. Li took effect upon the approval of the appointment of the new shareholders' representative supervisor at the general meeting of the Company (the "GM").

Mr. Li has confirmed that he has no disagreement with the Board, the Supervisory Committee and/or the Company, and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company (the "Shareholders").

Proposed Appointment of Mr. Shen Changchun

The Board is pleased to announce that Mr. Shen Changchun ( 申 長 純) ("Mr. Shen") has been nominated by the Supervisory Committee as a candidate of the shareholders' representative Supervisor of the eighth session of the Supervisory Committee. His nomination is subject to the approval by the Shareholders at the GM.

- 1 -

The biographical details of Mr. Shen are set out below.

Mr. Shen, aged 56, is currently a member of the standing committee of the Chinese Communist Party committee and the secretary of the Discipline Inspection Commission of the Company and Anshan Iron & Steel Group Co. Ltd.* ( 鞍 山 鋼 鐵 集 團 有 限 公

司) ("Angang Holding"). Mr. Shen obtained a bachelor's degree in industrial electric automation from Anshan Institute of Iron & Steel ( 鞍 山 鋼 鐵 學 院), and obtained a master's degree in management engineering from Northeastern University ( 東 北 大 學). Mr. Shen joined Angang Holding in 1988, and successively took various positions including deputy secretary of the Chinese Communist Party committee and the secretary of the Discipline Inspection Commission of the First Steel Making Plant of Angang Group, the deputy director of the Organization and Personnel Department of Angang Holding, secretary of the Chinese Communist Party committee and the Discipline Inspection Commission of Design and Research Institute of Angang Group, secretary of the Chinese Communist Party committee, secretary of the Discipline Inspection Commission and vice chairman of Angang Group Engineering Technology

Co., Ltd., secretary of the Chinese Communist Party committee of Pangang Group Chengdu Steel Vanadium Co., Ltd.* ( 攀 鋼 集 團 成 都 鋼 釩 有 限 公 司), a member of the standing committee of the Chinese Communist Party committee, deputy secretary of the Chinese Communist Party committee, secretary of the Discipline Inspection

Commission, chairman of the labor union and chairman of supervisory committee of Pangang Group Company Limited* ( 攀 鋼 集 團 有 限 公 司), as well as the president of Chinese Communist Party School of Pangang.

The term of office of Mr. Shen will commence upon the approval of his appointment by the Shareholders at the GM and shall expire at the end of the eighth session of the Supervisory Committee. The Company will enter into a service contract with Mr. Shen. The remuneration of Mr. Shen will be determined by the Supervisory Committee with reference to his responsibilities, the Company's remuneration policy and the prevailing market conditions.

As at the date of this announcement, Mr. Shen has not held any shares of the Company, does not have any other interest in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. He has not been subject to any public sanction by any statutory or regulatory authority.

Save as disclosed above, as at the date of this announcement, Mr. Shen has not held any directorship in any publicly listed companies, whether in Hong Kong or overseas, in the past three years, and does not have any relationship with any director, senior management, substantial or controlling shareholder (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) of the Company.

- 2 -

Save as disclosed above, there is no other matter relating to the appointment of Mr. Shen that needs to be brought to the attention of the Shareholders, and there is no other matter which is required to be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules.

By Order of the Board

ANGANG STEEL COMPANY LIMITED*

Wang Yidong

Executive Director and Chairman of the Board

Anshan City, Liaoning Province, the PRC

12 April 2021

As at the date of this announcement, the Board comprises the following directors of the Company:

Executive Directors:	Independent Non-executive Directors:
Wang Yidong	Feng Changli
Li Zhen	Wang Jianhua
Li Zhongwu	Wang Wanglin
	Zhu Keshi

• For identification purpose only

- 3 -