OREANDA-NEWS. April 22, 2011. Information contained in this announcement is released 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 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, reported the press-centre of Angang Steel Company.

The board of directors (the “Board”) of the Angang Steel Company Limited (the “Company”) wishes to inform the shareholders of the Company and potential investors that the unaudited net profit attributable to the shareholders of the Company and its earnings per share (basic) for the three months ended 31 March 2011 are expected to decrease significantly as compared with those for the three months ended 31 March 2010.

According to the unaudited management accounts (prepared in accordance with the PRC accounting rules and regulations), (i) the net profit attributable to the shareholders of the Company decreased from approximately RMB1,148 million for the three months ended 31 March 2010 to approximately RMB71 million for the three months ended 31 March 2011, representing a decrease of approximately 93.82%; and (ii) the earnings per share (basic) decreased from approximately RMB0.159 per share the three months ended 31 March 2010 to approximately RMB0.010 per share for the for the three months ended 31 March 2011. Such decreases were primarily due to the significant increase in the prices of raw materials and fuels.

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