Angang Steel : POSITIVE PROFIT ALERT

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(Stock Code: 0347)

POSITIVE PROFIT ALERT

This announcement is published by the Company simultaneously in Shenzhen pursuant to the Rules Governing the Listing of Stocks on Shenzhen Stock Exchange and in Hong Kong pursuant to the disclosure obligations under Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Board hereby announces that the Company is expecting to record an increase in the net profit attributable to shareholders of the Company for the three months ended 31 March 2021 in comparison with the corresponding period of 2020.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

This announcement is published by Angang Steel Company Limited* (the "Company") simultaneously in Shenzhen pursuant to the Rules Governing the Listing of Stocks on Shenzhen Stock Exchange and in Hong Kong pursuant to the disclosure obligations under Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The board of directors of the Company (the "Board") hereby announces that the Company (together with its subsidiaries, the "Group") is expecting to record an increase in the net profit attributable to shareholders of the Company for the three months ended 31 March 2021 in comparison with the corresponding period of 2020.

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Details of and the reasons for such estimated increase are set out below.

1. ESTIMATED INCREASE

For the three months

ended 31 March

20212020

(RMB)(RMB)

(Unaudited) (Adjusted)

	approximately
Net profit/(loss) attributable to	1,350
shareholders of the Company	million	292 million
	approximately
Basic earnings/(loss) per share	0.144	0.031

2. REASON FOR THE ESTIMATED INCREASE

In the first quarter of 2021, with the increasing prosperity in the steel and iron industry, the Company seized the favorable opportunities from the recovery of the steel and iron market, vigorously expanded the market, strengthened marketing management, promoted the synergy between production and sales, effectively allocated resources, adjusted the variety structure, deeply tapped the potential for internal cost reduction and efficiency enhancement, and strictly refined the management, leading to continuous improvement of all-factor production efficiency and consistent upward development of production and operation, and thus achieving a significant increase in net profit attributable to shareholders of the Company over the corresponding period of the previous year.

The financial information for the three months ended 31 March 2021 set out above is solely based on preliminary assessment by the Company in accordance with the unaudited management accounts (prepared in accordance with the PRC Accounting Standards for Business Enterprises) and is not based on the financial information audited or reviewed by the Company's auditors. Shareholders of the Company and potential investors should note that detailed information on the Group's performance for the three months ended 31 March 2021 will be disclosed in its results announcement for the same period to be published in due course. There may be differences between such information and the estimated financial information set out above.

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Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board

ANGANG STEEL COMPANY LIMITED*

Wang Yidong

Executive Director and Chairman of the Board

Anshan City, Liaoning Province, the PRC

30 March 2021

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

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

• For identification purposes only

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