Angang New Steel Company Limited (the "Company") is a joint stock limited company incorporated in the People's Republic of China (the "PRC") on 8th May, 1997 with Anshan Iron and Steel Group Complex ("Angang Holding") as its sole promoter. Pursuant to the reorganisation of Angang Holding and the Company, the Cold Rolling Plant, the Wire Rod Plant and the Thick Plate Plant were transferred by Angang Holding to the Company. The three plants represented a net asset value of RMB2,028,817,600 as at 31st December, 1996, determined by the State-owned Assets Administration Bureau, and 1,319,000,000 domestic State-owned legal person shares with a nominal value of RMB1.00 each were issued to Angang Holding as consideration for these plants.

The Company's principal activities are the production and sale of cold rolled sheets, wire rods, thick plates, heavy rail, large section steel and other steel products. These products are widely used in automobile industry, ship-building, construction and railway construction industries and in the manufacturing of household electrical appliances. The Company's cold rolled sheets, wire rods, thick plates, heavy rail and large section steel products are competitive in the PRC domestic market.

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