OREANDA-NEWS. December 03, 2012. Reference is made to the announcements (the “Announcements”) of Chongqing Iron & Steel Company Limited (the “Company”) dated 29 May 2012 and 24 October 2012 regarding the Material Assets Reorganisation. Unless otherwise stated, capitalized terms used herein shall have the same meanings as those defined in the Announcements, reported the press-centre of Chongqing Iron & Steel.

On 23 November 2012, the Company was notified by its controlling shareholder Chongqing Iron & Steel (Group) Company Limited that one of the Conditions Precedent of the Material Assets Reorganisation has been fulfilled as the proposed Material Assets Reorganisation between the Company and Chongqing Iron & Steel (Group) Company Limited obtained the Approval of Matters Relating to Material Assets Reorganisation between Chongqing Iron & Steel (Group) Company Limited and Chongqing Iron & Steel Company Limited by the State-owned Assets Supervision and Administration Commission of Chongqing “Yu Guo Zi [2012] No.684” issued by the State-owned Assets Supervision and Administration Commission of Chongqing. The content of the approval is set out as below:

The proposed Material Assets Reorganisation between Chongqing Iron & Steel (Group) Company Limited and Chongqing Iron & Steel Company Limited was considered and approved at the 3rd meeting of the sixth session of the Board of Chongqing Iron & Steel Company Limited. Upon review, the Reorganisation is approved to proceed as proposed.