OREANDA-NEWS. The 2010 Annual General Meeting of Chongqing Iron & Steel Company Limited (the “Company”) will be held at 9:00 a.m. on Friday, 27 May 2011 at the No.3 Conference Room of the Company at No. 30 Gangtie Road, Dadukou District, Chongqing, the PRC for the purpose of considering and, if thought fit, passing the following resolutions of the Company. Terms defined in the circular of the Company dated 7 April 2011 shall have the same meanings unless the context otherwise requires, reported the press-centre of Chongqing Iron & Steel Company.

Ordinary resolutions
1. To review and approve the report of the Board of Directors of the Company for the year 2010.

2. To review and approve the report of the Supervisory Committee of the Company for the year 2010.

3. To review and approve the audited financial report of the Company for the year 2010 prepared under the PRC GAAP.

4. To review and approve 2010 Annual Report of the Company.

5. To review and approve the profit distribution proposal of the Company for the year 2010.

In 2010, the Company achieved net profit of RMB5,720,000. After 10% statutory capital reserve was transferred, together with the retained profit at the end of 2009, the total profit attributable to shareholders of the Company for 2010 was RMB2,088,217,000.

The Company registered lower profit in 2010 due to the impact of the inefficient operation of the steel and iron industry and its own environmental relocation. In order to carry out environmental relocation in a better way and accumulate funds for further development of production and operation of the Company, the Board recommended no distribution of profit for 2010, nor transfer of capital reserve into share capital. The undistributed profit of the Company will mainly be used as working capital needed for production of the Company in Changshou New Zone.

6. To review and approve the re-appointment of KPMG Huazhen as the auditors of the Company for the year 2011, and the authorisation to any Director of the Company to fix their remuneration and to sign service agreements.

7. To review and approve the Report on Performance of Duties of the Independent
Directors of the Company for the year 2010.

8. To review and approve the proposed amendments to the Articles of Association of Chongqing Iron & Steel Company Limited (details of which are set out in the circular to shareholders of the Company dated 7 April 2011) and to propose to authorize the Board of Directors at the general meeting to file the amended Articles of Association with relevant authorities for approval.