OREANDA-NEWS. March 26, 2014. The board of directors (the “Board”) of Chongqing Iron & Steel Company Limited (the “Company”) received a written resignation from Mr. Yuan Jin Fu, director of the Company, to the effect that Mr. Yuan Jin Fu would resign from the positions as a director and a member of the remuneration and assessment committee of the Company as well as other relevant positions, due to his work adjustment.

Following the resignation of Mr. Yuan Jin Fu, the number of directors in the Board will fall below the requisite quorum, namely two-third of the number of directors as required in the Articles of Association (i.e. six directors). As such, according to provisions of the relevant laws, administrative regulations, departmental rules and the Articles of Association, Mr. Yuan Jin Fu will continue to perform his duties as a director until a new director is elected and assumes his position. A general meeting will be convened by the Company as soon as practicable to elect a new director. Mr. Yuan Jin Fu has no disagreement with the Board of the Company, and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders.

The Company would like to express its gratitude to Mr. Yuan Jin Fu for his contribution to the development of the Company during his term of office.