OREANDA-NEWS. September 29, 2014. The board of directors (the “Board”) of Chongqing Iron & Steel Company Limited (the “Company”) received a written resignation from Mr. Guan Zhao Hui, director of the Company, to the effect that Mr. Guan Zhao Hui would resign from the positions as a director, a member of strategic committee and the deputy general manager of the Company as well as other relevant positions, due to his work adjustment.

Since Mr. Zhang Guo Lin and Mr. Ran Mao Sheng, independent non-executive directors of the Company, have tendered their resignation to the Company on 8 July 2014 (please refer to the announcement of the Company on the resignation of independent non-executive director dated 9 July 2014), the resignation of Mr. Guan Zhao Hui will cause the number of directors of the Company falling 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 the relevant requirements under the laws, regulations and the Articles of Association, Mr. Guan Zhao Hui 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. Guan Zhao Hui has no disagreement with the Board and the operation management of the Company and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders.