Angang Steel : (1) RESIGNATION OF EXECUTIVE DIRECTOR, DEPUTY GENERAL MANAGER, CHIEF ACCOUNTANT, COMPANY SECRETARY AND AUTHORISED REPRESENTATIVE; (2) APPOINTMENT OF DEPUTY GENERAL MANAGER AND CHIEF ACCOUNTANT AND PROPOSED APPOINTMENT OF EXECUTIVE DIRECTOR; (3) APPOINTMENT OF AUTHORISED REPRESENTATIVE AND (4) CHANGE OF DEPUTY GENERAL MANAGER

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(Stock Code: 0347)

(1) RESIGNATION OF EXECUTIVE DIRECTOR, DEPUTY GENERAL MANAGER, CHIEF ACCOUNTANT, COMPANY SECRETARY AND AUTHORISED REPRESENTATIVE

(2) APPOINTMENT OF DEPUTY GENERAL MANAGER AND CHIEF ACCOUNTANT AND PROPOSED APPOINTMENT OF

EXECUTIVE DIRECTOR

(3) APPOINTMENT OF AUTHORISED REPRESENTATIVE

AND

(4) CHANGE OF DEPUTY GENERAL MANAGER

Resignation of Executive Director, Deputy General Manager, Chief Accountant, Company Secretary and Authorised Representative

The board of directors (the "Board") of Angang Steel Company Limited* ( ቧ፻ٰ ΅Ϟࠢʮ̡ ) (the "Company") hereby announces that Mr. Ma Lianyong ( ৵ஹۇ) ("Mr. Ma") tendered his resignation as executive director, deputy general manager, chief accountant, company secretary and authorised representative of the Company to the Board on 16 March 2021 due to changes in work arrangement. The resignation of Mr. Ma shall take effect from 16 March 2021.

Mr. Ma 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 Board would like to take this opportunity to express its sincere gratitude to Mr. Ma for his contributions to the Company during his tenure of office.

Appointment of Deputy General Manager and Chief Accountant and Proposed Appointment of Executive Director

The Board is pleased to announce that Mr. Wang Baojun ( ˮڭࠏ ) ("Mr. Wang") has been appointed as deputy general manager and chief accountant of the Company with effect from 16 March 2021. The Board further announces that Mr. Wang has been nominated by the Board as a candidate of the executive director of the eight session of the Board. His appointment is subject to the approval by the shareholders at a general meeting.

The biographical details of Mr. Wang are set out as follows.

Mr. Wang, aged 54, is a senior accountant and currently serves as the deputy general manager and chief accountant of the Company, and a member of the standing committee of the Party Committee of Anshan Iron & Steel Co. Ltd.* ( ቧʆ፻᚛ණ ྠϞࠢʮ̡ ) ("Anshan Iron & Steel") and the Company. Mr. Wang graduated from East China University of Metallurgy ( ശ؇зږኪ৫ ), majoring in industrial accounting; and he obtained a master's degree in business administration for the senior management, graduating from University of Electronic Science and Technology of China ( ཥɿ߅Ҧɽኪ ). Mr. Wang joined Pangang Group Company Limited* ( ᖂ፻ණྠϞࠢʮ̡ ) in 1988, and served as the head of Audit Department of Pangang Group Company Limited, the head of Audit Department (Risk Management Department) of Pangang Group Steel Vanadium & Titanium Co., Ltd.* ( ᖂ፻ණྠ፻ ᚛௏⌹ٰ΅Ϟࠢʮ̡ ), the head of Audit Department of Angang Group Company Limited* ( ቧ፻ණྠϞࠢʮ̡ ) and also a supervisor of Angang Group Integrated Industrial Company Limited* ( ቧ፻ණྠၝΥྼุϞࠢʮ̡ ) and Engineering Technological Development Company Limited* ( ʈ೻Ҧஔ೯࢝Ϟࠢʮ̡ ), an external director of Pangang Group Company Limited and Angang Group Financial Company Limited* ( ቧ፻ණྠৌਕϞࠢப΂ʮ̡ ), the chief auditor, the general manager of Audit Department, and the head of Audit Centre of Angang Group Company Limited and chairman of the supervisory committee of the Company.

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

As at the date of this announcement, Mr. Wang 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. Wang 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, seniormanagement, 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.

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

The Board would like to express its warmest welcome to Mr. Wang on his appointment.

Appointment of Authorised Representative

The Board is pleased to announce that Ms. Chen Chun ( ௓૮ ) ("Ms. Chen") has been appointed as an authorised representative of the Company in replacement of Mr. Ma with effect from 16 March 2021. Ms. Chen is currently a company secretary of the Company.

Resignation of Deputy General Manager

The Board hereby announces that Mr. Liu Jie ( ᄎ௫ ) ("Mr. Liu") tendered his resignation as deputy general manager of the Company to the Board on 16 March 2021 due to changes in work arrangement. The resignation of Mr. Liu shall take effect from 16 March 2021.

Mr. Liu 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 Board would like to take this opportunity to express its sincere gratitude to Mr. Liu for his contributions to the Company during his tenure of office.

Appointment of Deputy General Manager

The Board is pleased to announce that Mr. Zhang Hongjun ( ੵߎࠏ ) ("Mr. Zhang") has been appointed as deputy general manager of the Company with effect from 16 March 2021.

The biographical details of Mr. Zhang are set out as follows.

Mr. Zhang, aged 47, is a senior engineer and currently serves as the deputy general manager and a member of the standing committee of the Party Committee of the Company, the general manager, the deputy secretary of the Party Committee of Bayuquan Iron & Steel Branch Company* ( 䏱௡ਸ਼፻᚛ʱʮ̡ ) of the Company, a member of the standing committee of the Party Committee of Anshan Iron & Steel and a director of Ansteel Engineering Technology Corporation Limited ( ቧ፻ණྠ

ʈ೻ҦஔϞࠢʮ̡ ). Mr. Zhang obtained a bachelor's degree of engineering from Zhejiang University, majoring in industrial electrical automation and a master's degree in engineering from Northeastern University, majoring in material engineering. Mr. Zhang joined Anshan Iron & Steel in 1996, and has served as the deputy director of a branch of the hot rolling plant of the Company, the deputy head of the department of planning and development of Anshan Iron & Steel, the deputy head of the equipment support department of the Company, the general manager of Bayuquan Iron & Steel Branch Company* of the Company, the assistant to the general manager of the Company and other positions of the Company.

As at the date of this announcement, Mr. Zhang holds 400,000 restrictive A shares of the Company. Save as disclosed herein, Mr. Zhang 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. Zhang 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 Listing Rules) of the Company.

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

The Board would like to express its warmest welcome to Mr. Zhang on his appointment.

By Order of the Board

ANGANG STEEL COMPANY LIMITED*

Wang Yidong

Executive Director and Chairman of the Board

Anshan City, Liaoning Province, the PRC

16 March 2021

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

* For identification purpose only