The Board of Shougang Concord Century Holdings Limited announced that Mr. Su Fanrong, the executive director and chairman of the Company, will be appointed as the managing director of the company with effect from 31 January 2018. Mr. Su joined Shougang Corporation in 1990 and was appointed as the deputy general manager of the Company in January 2015. Subsequently, Mr. Su has been appointed as executive director and deputy managing director of the Company on 1 December 2015.

On 18 January 2018, he has been re-designated as the chairman of the Company, and appointed as chairman of the nomination committee and vice chairman of the remuneration committee of the company. At present, Mr. Su holds directorship in all wholly-owned subsidiaries of the company. He also acts as the deputy general manager of Shougang Holding (Hong Kong) Limited.

He has over 25 years of experience in sales and management in steel industry. The Board announced that Mr. Yang Kaiyu has resigned as the executive director and managing director of the company with effect from 31 January 2018 due to his private engagements. Following his resignation, Mr. Yang will cease to act director and/or legal representative in all wholly-owned subsidiaries of the company.

Mr. Yang confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the Shareholders.