[Announcement of Baosteel's Price Adjustment for Sheets & Plates Futures for Domestic Sales in September 2026] After study, Baosteel has decided to adjust its domestic sales prices for September 2026 on the basis of August 2026 as follows (all prices are excluding tax unless otherwise specified): 1. Hot-rolled base price raised by 50 yuan/mt. 2. Thick plate base price raised by 50 yuan/mt. 3. Pickled base price raised by 50 yuan/mt. 4. Cold-rolled base price raised by 50 yuan/mt. 5. Hot-dip galvanized base price raised by 50 yuan/mt. 6. Electrogalvanized base price raised by 50 yuan/mt. 7. Medium aluminum zinc-aluminum-magnesium base price raised by 50 yuan/mt. 8. High aluminum zinc-aluminum-magnesium base price raised by 50 yuan/mt. 9. Aluminum-zinc coated base price raised by 50 yuan/mt. 10. Color coated base price raised by 50 yuan/mt. 11. Non-oriented silicon steel base price raised by 50 yuan/mt. 12. Grain-oriented silicon steel base price raised by 50 yuan/mt. 13. Seamless pipe base price raised by 50 yuan/mt. 14. Welded pipe base price raised by 50 yuan/mt. 15. Wire rod base price raised by 50 yuan/mt. 16. Bar base price raised by 50 yuan/mt. 17. For adjustments to alloy surcharges and coating and plating surcharges, please refer to the September 2026 price list. 18. The above price adjustment notice shall take effect from the date of announcement. 19. The right to interpret this price adjustment notice belongs to the Marketing Center of Baoshan Iron & Steel Co., Ltd. (Baosteel International). Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) August 10, 2026

After hitting the daily limit on August 5, Baowu Magnesium’s share price pulled back over the past two trading days. As of around 10:55 a.m. on August 7, the stock was up 2.74%, trading at 11.26 yuan per share. On the news front, Baowu Magnesium’s investor relations activity record dated August 4, 2026 shows: Question: What are Baowu Magnesium’s main businesses? Baowu Magnesium responded: The company’s businesses include magnesium materials, magnesium products, aluminum products, mineral products, and building formwork. Its main products include magnesium alloys, magnesium alloy deep-processed products, aluminum alloys, aluminum alloy deep-processed products, master alloys, and strontium metal. Question: Could you introduce the company’s ore resources? Baowu Magnesium responded: The company’s subsidiary Chaohu Baomei holds 90 million mt of dolomite ore reserves and is in active mining operation; subsidiary Wutai Baomei holds 580 million mt of dolomite ore reserves; and associate company Anhui Baomei holds 1.3 billion mt of dolomite ore reserves. The subsidiary Gansu Mining under Gansu Baomei holds 14.91 million mt of available quartzite ore reserves. Question: How was China’s magnesium product production in H1 2026? Baowu Magnesium responded: In H1 2026, China’s primary magnesium production was approximately 603,100 mt, up 26.49% YoY. China exported approximately 239,100 mt of various magnesium products, up 7.95% YoY. Question: How does the company promote magnesium metal? Baowu Magnesium responded: Relying on its full magnesium industry chain, the company focuses on lightweighting and high-end manufacturing, seizes the rapid growth opportunity of magnesium applications in lightweighting, and will focus on the following points: 1. Full-chain guarantee: With an integrated industry chain covering ore mining, magnesium smelting, alloys, and deep processing, we ensure a stable magnesium supply to support large-scale applications across sectors. 2. Technology leadership: Leveraging our technological strengths, we collaborate with universities, research institutes, and clients on R&D for new magnesium alloys, and break through key technologies such as large-scale integrated die casting and magnesium alloy corrosion resistance and flame retardancy. 3. Application expansion: Guided by high-end, green and intelligent development, we focus on automotive, robotics, aerospace and other fields, and provide integrated services covering materials, components, and solutions. Question: What is the pace of design wins and mass production of magnesium alloy die castings in the NEV sector? Baowu Magnesium responded: The company has concentrated superior technical resources to continue deepening its presence in mid-to-large magnesium casting businesses such as drive motors, instrument panel cross car beams, seat frames, and integrated auto body structural components. In the cross car beam area, we focused on breaking through with leading automakers, securing design wins for multiple hot-model cross car beams, and during this period launched the world’s first “semi-solid process CCB.” In drive motors, we are orderly advancing customer mass production deliveries, actively conducting aluminum-to-magnesium feasibility studies with industry-leading suppliers, and have achieved major breakthroughs in both rare earth alloy R&D and process optimization. Meanwhile, "magnesium alloy auto body integrated castings" became a hot topic in magnesium applications most concerned by NEV manufacturers in 2025. After successfully passing the whole-vehicle road test for a certain automaker's tailgate inner panel, one-stage sample trial production of magnesium components was subsequently completed, contributing substantial verification and testing data for industry technology iteration and further boosting NEV manufacturers' confidence in large magnesium part applications. Under this favorable situation, the company gradually established in-depth R&D cooperation with some leading automakers. In terms of performance: Baowu Magnesium's semi-annual performance forecast showed it expected a net loss of RMB14-20 million in H1. Regarding the reasons for the performance change, Baowu Magnesium stated: Due to a slight YoY increase in magnesium prices, the profitability of the company's magnesium materials segment was basically stable YoY. The main reasons for the YoY decline in the company's H1 performance include: due to aluminum price fluctuations and lower sales volume of aluminum products compared to the same period last year, the aluminum products business saw a decline in profitability; the newly built ferrosilicon project of subsidiary Gansu Baowu Magnesium was just commissioned in May, with consumption indicators not yet stable, leading to relatively high product costs; the company's associate company Anhui Baowu Magnesium was still in the capacity ramp-up stage, with crude magnesium and alloy production significantly higher YoY, and various production technical indicators gradually optimized, but the products remained loss-making, impacting the company's investment income YoY; and due to the appreciation of the renminbi against the US dollar and euro, the company's foreign exchange losses on export business increased YoY, etc. On July 14, Baowu Magnesium issued an announcement on daily related-party transactions. Due to daily production and operation needs, the company and its controlled subsidiaries plan to conduct daily related-party transactions in 2026 with related parties including the controlling shareholder Baosteel Metal and its affiliates, other Baowu second-level subsidiaries and their affiliates, and the associate company Yi'an Yunhai. The types of related-party transactions include purchasing products and goods from related parties, accepting operational services from related parties, selling products and goods to related parties, providing operational services to related parties, providing and financial services (including deposits and loans, factoring, discounting, foreign exchange settlement and sales, etc.). The total estimated amount of daily related-party transactions (excluding financial services) in 2026 is RMB1.28 billion; in addition, the estimated amount of financial related-party transactions with Baowu Group Finance Co., Ltd. has not been adjusted, and the relevant quotas are already included in the overall arrangement. These related-party transactions strictly follow market-based fair pricing principles, with fair and reasonable transaction terms, which are conducive to ensuring the company's sustained and stable operations, will not harm the lawful rights and interests of the publicly listed company and minority shareholders, nor affect the company's operational independence. When asked "Hello, board secretary, could you tell me whether your company can stably mass-produce semiconductor-grade ultra-high-purity magnesium metal ingots as found online, and is the only publicly listed company? Also, what is the proportion of your sales in this area to the company's total sales over the past few years?" Baowu Magnesium responded on the investor interaction platform on June 23: The company's business includes magnesium materials, magnesium products, aluminum products, mineral products, and building formwork. The company's main products include magnesium alloys, magnesium alloy deep-processed products, aluminum alloys, aluminum alloy deep-processed products, master alloys, and strontium metal. Please refer to the 2025 annual report for the proportion of revenue by product segment. Regarding the specific products and sales proportion you mentioned, the company has not publicly disclosed such information; please refer to the company's official periodic reports or announcements. In response to the questions: "1. Regarding the Anhui Qingyang project, what is the mine commissioning progress, and what is the current approximate ore output of the mine? 2. What are the advantages of the company's vertical retort magnesium smelting technology? How does it compare with peers in Fugu?" Baowu Magnesium replied on the investor interaction platform on June 17: The company adopts the vertical retort magnesium smelting process, which has outstanding technical advantages: increased per-retort capacity, shortened production cycle, improved production efficiency, extended service life of reduction retorts, and a higher level of mechanized and automated operations. The Anhui Qingyang mine project has achieved a capacity of 20 million mt per year. Regarding the main business engaged in during the reporting period, Baowu Magnesium introduced in its 2025 annual report: The company is the leader in magnesium-based new materials under China Baowu, possessing the advantages of the entire industry chain and mine resources, leading vertical retort magnesium smelting technology, and its magnesium alloy capacity and market share rank among the top globally. The company focuses on lightweight materials, with products covering automobiles, household consumer electronics, e-bikes, building formwork, and other fields. After more than 30 years of development, the company has become a high-tech enterprise integrating mining, non-ferrous metal smelting and processing, committed to becoming a global leader in the magnesium industry. The company's business includes magnesium materials, magnesium products, aluminum products, mineral products, and building formwork. Its main products include magnesium alloys, magnesium alloy deep-processed products, aluminum alloys, aluminum alloy deep-processed products, master alloys, and strontium metal. For the company's future development outlook, Baowu Magnesium stated in its 2025 annual report: 2026 marks the starting year of the company's 15th Five-Year Plan, and the industry will usher in an important period of opportunity for high-end and large-scale development. The company's board of directors will lead the management to, with "building a lightweight solution provider and becoming a mainstay of China Baowu's new materials" as the core positioning, focus on the main business, deepen and refine operations, promote the upgrading of the entire industry chain, technological innovation, market expansion, and green development, achieving sustained improvement in operating performance and significant enhancement of core competitiveness. 1. Strengthen strategic guidance, consolidate the foundation for magnesium industry new quality productive forces. Accelerate the construction of a development pattern for the entire industry chain covering primary magnesium—alloys—deep processing—end-use applications, focus on tackling key technologies in green smelting and stable production with cost reduction, and accelerate large-scale promotion of key products. 2. Coordinate key project construction, synergistically enhance overall operational efficiency. Accelerate the construction and comprehensive acceptance of the Huayuan Wu's Mine in the Qingyang project, orderly promote the construction of the main plant area and optimization of production indicators, and orderly advance key projects of Gansu Baowu Magnesium, Wutai Baowu Magnesium, and Chaohu Baowu Magnesium. 3. Deepen magnesium industry reform and innovation, promote the modernization of corporate governance systems. Steadily promote business development transformation and innovation, advance asset integration, and further optimize governance and control as well as business management models. 4. Accelerate the layout of smart development, comprehensively advance the construction of information systems. Complete full coverage of the Baowu standard financial system and the update and launch of the cost systems of subsidiaries, build a full-process informatization model project for magnesium business, and further enhance Baowu Magnesium's capabilities in operation management, cost-based management, compliance operation, and risk prevention and control. 5. Focus on reducing primary magnesium costs, continuously enhance market competitiveness. Reduce manufacturing costs of the three core components—reduction retorts, center tubes, and cones—optimize steel grades to extend the service life of reduction retorts, lower auxiliary energy consumption and the material-to-magnesium ratio. 6. Implement cost-based management, systematically build a high-quality development operating model. Deepen comprehensive benchmarking to identify gaps, systematically tackle the "four major costs" of primary magnesium, energy, logistics, and quality, and improve the operation management and control system. 7. Strengthen safety and environmental protection fortifications, systematically enhance green development levels. Continuously strengthen safety and environmental compliance rectification, highlight risk control and inherent safety improvement in key areas, and accelerate the construction of green factories and low-carbon capacity building. 8. Major risk factors and countermeasures the company faces (1) Risk of fluctuations in main raw material prices The company's main business involves magnesium, aluminum alloys and deep processing, with main raw materials being magnesium and aluminum metals. Magnesium and aluminum prices are affected by supply-demand dynamics, global and Chinese economic conditions, and are closely related to factors such as the progress of automotive lightweighting and demand from the 3C industry. If future magnesium and aluminum prices experience wild swings, it will have a certain impact on the company's cost control and profitability. The company is increasing the self-supply ratio of raw materials, adjusting product mix, and increasing the proportion of deep-processed products to mitigate the impact of raw material price fluctuations. (2) Risk of market demand fluctuations The company's magnesium and aluminum lightweight alloy products are mainly used in automobiles, consumer electronics, and other fields. At present, seizing the opportunity of automotive lightweighting development, while stabilizing the supply of magnesium and aluminum alloy base materials, the company is focusing on expanding downstream deep-processing businesses such as magnesium alloy automotive die-casting parts, magnesium alloy building formwork, and aluminum alloy extrusion products. Market demand in areas such as automotive lightweighting progress and 3C electronics consumption is influenced by multiple factors including macroeconomics, industrial policies, and process technology innovation. If downstream market demand falls short of expectations, it will affect the company's operating performance level. The company is expanding the application of its products in various fields, increasing the penetration rate of products in various application fields, to reduce the risk of market demand fluctuations. Looking back at the Chinese magnesium market in H1 2026, affected by the concentrated production stoppages at magnesium plants earlier, the pattern of strong supply and weak demand was quietly reversed. Tight spot supply and low inventory provided a good foundation for a phased rise in the magnesium ingot market fundamentals. Coupled with market disturbances such as the explosive demand for magnesium alloys, speculative demand surged, and market purchasing enthusiasm ran high. Magnesium prices showed a staircase-like increase in Q1. Overly high expectations boosted magnesium plants' production enthusiasm, and magnesium production climbed all the way. By June 2026, China's primary magnesium production exceeded 110,000 mt. The persistently rising production increased sales pressure on magnesium plants. As both inventory and production grew, magnesium prices trended downward in a staircase-like manner in Q2, and overall magnesium prices in H1 showed an inverted V-shaped trajectory. From the price performance of 99.90% magnesium ingot (Fugu, Shenmu) in H1 this year, it can be seen: the average price of 99.90% magnesium ingot (Fugu, Shenmu) on June 30, 2026 was 15,850 yuan/mt, compared to its average price of 17,950 yuan/mt on December 31, 2025, its average price fell by 2,100 yuan/mt in H1, a decline of 11.7%. Its daily average price in H1 was 16,607.33 yuan/mt, compared to its daily average price of 16,241.45 yuan/mt in H1 2025, its daily average price increased by 365.88 yuan/mt YoY, an increase of 2.25%. According to SMM quotes, the price of 99.90% magnesium ingot (Fugu, Shenmu) on August 7 was 15,850-15,950 yuan/mt, with an average price of 15,900 yuan/mt, up 0.32% from the previous trading day. Low-priced supply in the market tightened, and magnesium prices edged up slightly. On the supply side, affected by rising coal costs and sustained losses, producers had a strong willingness to hold prices firm, but some sources still offered small discounts, leading to a divergence in selling attitudes. On the demand side, downstream users and traders maintained a strong wait-and-see sentiment, with weak restocking willingness, making only small-scale just-in-time procurement, and market trading was sluggish. Cost support limited the downside room, but production cuts have not yet effectively promoted inventory destocking, and social inventory pressure remained. In the short term, magnesium prices lack upward momentum and face downside limitations, likely to continue moving sideways. Subsequent attention should be paid to the downstream recovery pace and restocking signals.

This process is requested by Baosteel as there are some changes in export situation compared to the time when the anti-dumping duty is issued. The review is to check whether the reason is acceptable so the anti-dumping duties need to be changed or not. When the review is ongoing, the duty is still active

Vietnam's Ministry of Industry and Trade has launched the first review of anti-dumping duties on hot-rolled coil (HRC) steel imports from China following a request by China's Baosteel Group, one year after the measures took effect. The review is conducted under Decree 86/2025, which allows annual reassessments during the first four years of implementation. Vietnam imposed official anti-dumping duties of 23.1% to 27.83% on certain Chinese HRC products in July 2025 after an investigation initiated at the request of Hoa Phat and Formosa, while ending a parallel probe into imports from India. The review could determine whether the existing tariff rates remain appropriate for Baosteel under current market conditions.

[Baosteel Announcement on the Adjustment of Domestic Futures Selling Prices for Sheets & Plates in August 2026] After study and decision, Baosteel’s domestic sales price adjustment for August 2026 based on July 2026 is announced as follows (unless otherwise specified, all prices below are tax-exclusive): 1. Hot-rolled products: raised by 50 yuan/mt. 2. Heavy plates: raised by 50 yuan/mt. 3. Pickling: raised by 50 yuan/mt. 4. Common cold-rolled: raised by 50 yuan/mt. 5. Hot-dip galvanizing: raised by 50 yuan/mt. 6. Electrogalvanization: raised by 50 yuan/mt. 7. Medium aluminum zinc-aluminum-magnesium: raised by 50 yuan/mt. 8. High aluminum zinc-aluminum-magnesium: raised by 50 yuan/mt. 9. Galvalume: raised by 50 yuan/mt. 10. Color coating: raised by 50 yuan/mt. 11. Non-oriented silicon steel: raised by 50 yuan/mt. 12. Grain-oriented silicon steel: raised by 50 yuan/mt. 13. Seamless pipes: raised by 50 yuan/mt. 14. Welded pipes: raised by 50 yuan/mt. 15. Wire rods: raised by 50 yuan/mt. 16. Bars: raised by 50 yuan/mt. 17. For adjustments to alloy surcharges and coating/plating surcharges, please refer to the August 2026 price list. 18. The above price adjustment notice takes effect from the date of announcement. 19. The right of interpretation of this price adjustment notice belongs to the Marketing Center of Baoshan Iron & Steel Co., Ltd. (Baosteel International). Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) July 10, 2026

The integrated hydrogen production and storage demonstration project of Baosteel Xinneng Company has recently been filed. The project is located in the Baiyun Obo Mining District of Baotou City, Inner Mongolia, and the project entity is Inner Mongolia Baosteel Xinneng Co., Ltd., with a total investment of 41.9 million yuan. It plans to have a construction period from September 2026 to December 2028. According to the filing information, the project will construct one set of 1,000 Nm³/h alkaline water electrolysis hydrogen production unit and one set of 500 Nm³/h solid proton exchange membrane water electrolysis hydrogen production unit, along with supporting gaseous hydrogen storage tanks, a 100 kg solid-state hydrogen storage device, and a heat storage and release system. Meanwhile, the project will also build utility systems for power supply, control, compressed air, and nitrogen generation, forming a demonstration system that integrates hydrogen production, hydrogen storage, and auxiliary operational support. From a technical configuration perspective, the project simultaneously deploys two hydrogen production routes—alkaline water electrolysis and proton exchange membrane water electrolysis—and introduces a combination of gaseous and solid-state hydrogen storage. The multi-route synergistic configuration helps verify the operational compatibility of different hydrogen production and storage technologies in industrial scenarios, accumulating data and experience for subsequent large-scale rollout. The Baiyun Obo Mining District is an important resource-based industrial area in Baotou, long possessing scenarios for mining development, metallurgical support, and energy utilization. The implementation of this integrated hydrogen production and storage demonstration project will further enhance local clean energy conversion and on-site hydrogen utilization capabilities, and also provide a new pathway for resource-based regions to promote green and low-carbon transition. At the application level, upon completion, the project can carry out demonstrations in directions such as industrial hydrogen use, energy storage regulation, and clean energy absorption. The water electrolysis hydrogen production unit can convert electrical energy into hydrogen energy, and the hydrogen storage system can undertake short-cycle regulation and stable supply functions, helping enhance the availability of hydrogen in industrial production and energy systems. It is worth noting that the configured 100 kg solid-state hydrogen storage device and heat storage and release system reflect exploration of the application of new-type hydrogen storage technologies. Compared to reliance solely on gaseous hydrogen storage, solid-state hydrogen storage offers differentiated value in safety, system integration, and adaptability to specific scenarios, making it suitable for operational verification in demonstration projects. With the continuous development of wind and solar power resources and the layout of the green hydrogen industry in Inner Mongolia, integrated hydrogen production and storage projects are becoming an important link in the improvement of the regional hydrogen industry chain. This project filing by Baosteel Xinneng is expected to drive the Baiyun Obo Mining District to form a demonstration model in new energy hydrogen production, hydrogen storage equipment application, and industrial low-carbon energy use, providing new project support for the development of Baotou’s hydrogen energy industry.