OREANDA-NEWS. October 03, 2011. Reference is made to the announcement of Angang Steel Company Limited (the “Company”) in relation to the revision of accounting estimates of useful life of certain fixed assets (the “Revision”), reported the press-centre of Angang Steel Company.

The Company wishes to clarify that upon further calculation pursuant to the relevant rules of the Shenzhen Stock Exchange, for the year ending 31 December 2011, the depreciation on fixed assets of the Company is expected to decrease by approximately RMB518 million and each of the equity attributable to owners of the Company and the net profit of the Company is expected to increase by approximately RMB388 million as a result of the Revision. As the estimated change in the net profit of the Company as a result of the Revision is expected to exceed 50% of the estimated net profit of the Company for the year ending 31 December 2011, the Revision shall be submitted to the shareholders of the Company for their consideration and approval.

The board of directors of the Company (the “Board”) has approved to convene an extraordinary general meeting (the “EGM”) in due course to consider and, if thought fit, approve the Revision. Notice of the EGM will be announced and dispatched to the shareholders of the Company as soon as possible. Furthermore, subject to the shareholders’ approval, the Board has decided to change the effective date of the Revision from 1 July 2011 to 1 October 2011.