Angang Steel : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR, CHANGE OF COMPOSITION OF AUDIT COMMITTEE AND COMPLIANCE WITH THE LISTING RULES

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(Stock Code: 0347)

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

CHANGE OF COMPOSITION OF AUDIT COMMITTEE

AND

COMPLIANCE WITH THE LISTING RULES

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Angang Steel Company Limited* ( 鞍 鋼 股 份 有 限 公 司) (the "Company") announces that Mr. Ma Weiguo ("Mr. Ma") has tendered his resignation as an independent non-executive Director with effect from 24 February 2020 for the need to develop his personal business.

Following his resignation, Mr. Ma ceased to be the chairman of the audit committee of the Board, and a member of each of the remuneration and appraisal committee, nomination committee and strategic committee of the Board.

Mr. Ma confirmed that there is no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to thank Mr. Ma for his contributions to the Company during his tenure of office.

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CHANGE OF COMPOSITION OF THE BOARD COMMITTEE

The Board announces that following Mr. Ma's resignation and with effect from 24 February 2020, Mr. Wu Dajun, an independent non-executive Director who has appropriate professional qualifications and related financial management expertise as stipulated in Rule 3.10(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), be appointed as the chairman of the audit committee of the Board.

COMPLIANCE WITH LISTING RULES

Following the resignation of Mr. Ma, the Company is able to meet the requirements of (i) having at least three independent non-executive Directors on the Board under 3.10(1) of the Listing Rule; (ii) having independent non-executive Directors representing one-third of the Board; and (iii) the audit committee of Board comprising only non-executive Directors with a minimum of three members and chaired by an independent non-executive Director under Rule 3.21 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

24 February 2020

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

Executive Directors:	Independent Non-executive Directors:
Wang Yidong	Wu Dajun
Li Zhen	Feng Changli
Ma Lianyong	Wang Jianhua

• For identification purposes only

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