OREANDA-NEWS. July 19, 2011. 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 six months ended 30 June 2011 are expected to decrease significantly as compared with those for the six months ended 30 June 2010, reported the press-centre of Angang Steel Company.

According to the unaudited management accounts (prepared in accordance with the accounting standards for business enterprises in the PRC), (i) the net profit attributable to the shareholders of the Company decreased from approximately RMB2,750 million for the six months ended 30 June 2010 to approximately RMB220 million for the six months ended 30 June 2011, representing a decrease of approximately 92%; and (ii) the earnings per share (basic) decreased from approximately RMB0.38 per share for the six months ended 30 June 2010 to approximately RMB0.03 per share for the six months ended 30 June 2011. Such decreases were primarily due to the significant increase in the prices of raw materials and fuels which substantially exceeds the increase in the price of steel products of the Company.

The Company will release and publish its interim report containing detailed information on the results and performance of the Company and its financial statements for the six months ended 30 June 2011 in due course.

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