1 Procurement Conditions The procurement project, Panchangte May 2026 Molybdenum Bar Open Inquiry and Comparison (PGWZMYHGXHD260429285330), is procured by the Materials Division of Pangang Group Materials Trading Co., Ltd. The project funds are self-raised. The project has met the procurement conditions, and an open inquiry and comparison is now conducted. 2 Project Overview and Procurement Scope 2.1 Project Name: Panchangte May 2026 Molybdenum Bar Open Inquiry and Comparison 2.2 Procurement failure to be converted to other procurement methods: converted to negotiated procurement 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted for this procurement. 3.2 Bidders for this procurement shall possess the following qualification requirements: (1) Manufacturing-type business license 3.3 Bidders for this procurement shall meet the following registered capital requirements: Registered capital for manufacturing-type enterprises: 5 million yuan and above 3.4 Bidders for this procurement shall meet the following performance requirements: When submitting bids, bidders shall provide performance certificates (scanned copies of invoices) for similar products from January 1, 2023 to the bid submission deadline. 3.5 Bidders for this procurement shall meet the following capability requirements, financial requirements, and other requirements: Financial requirements: See attachments for details (if applicable) Capability requirements: Provide valid enterprise qualification certificates: scanned copies of the original or duplicate business license. Other requirements: See attachments for details (if applicable) 3.6 For projects subject to mandatory tender by law in this procurement, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining Procurement Documents 4.1 All parties interested in bidding shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download electronic procurement documents from 10:00 on April 30, 2026 to 08:45 on May 9, 2026 (Beijing time, the same hereinafter). Click to view tender details:

Sangang Minguang released its 2025 annual report, showing that the company achieved full-year revenue of 43.029 billion yuan, down 6.58% YoY, and net profit of 27 million yuan, turning from a YoY loss to a profit.

1 Procurement Conditions The procurement project Beihai Ferroalloy Graphite Electrode (HPφ215) (PGPWZBHGXHD260421283420) is procured by the Materials Division Headquarters of Pangang Group Materials Trading Co., Ltd. The project funds are self-raised. The project has met the procurement conditions, and an open inquiry and comparison is now being conducted. 2 Project Overview and Procurement Scope 2.1 Project Name: Beihai Ferroalloy Graphite Electrode (HPφ215) 2.2 Alternative procurement method upon procurement failure: Negotiated procurement 2.3 For details of the procurement content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf." 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted for this procurement. 3.2 Bidders for this procurement shall meet the following qualification requirements: Please refer to the attachment (if applicable). 3.3 Bidders for this procurement shall meet the following registered capital requirements: Registered capital for manufacturing enterprises: 2 million yuan and above 3.4 Bidders for this procurement shall meet the following performance requirements: Please refer to the attachment (if applicable). 3.5 Bidders for this procurement shall meet the following capability requirements, financial requirements, and other requirements: Financial requirements: Please refer to the attachment (if applicable). Capability requirements: Please refer to the attachment (if applicable). Other requirements: 1. Bidders shall possess lawful business qualifications (able to provide a copy of the annually inspected business license), which can be verified through public websites such as Qixinbao, Tianyancha, and Qichacha. 2. No serious violations of law in business operations from January 1, 2023 to the bid submission deadline (subject to the enterprise data analysis on the Smart Tender and Bid Platform). 3.6 For projects subject to mandatory tendering by law in this procurement, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining Procurement Documents 4.1 All parties interested in bidding shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic procurement documents from 09:30 on April 22, 2026 to 09:30 on April 29, 2026 (Beijing time, the same hereinafter). Click to view tender details:

1 Tender Conditions The bid inviter for this tender project, May 2026 Pangang Vanadium Titanium Iron FeTi70-A(N), 10–50 (PGWZMYHGZHD260417282480), is Pangang Group Materials Trading Co., Ltd. Resources Business Division. The project funds are self-raised. This project has met the tender conditions, and an open tender is now being conducted. 2 Project Overview and Tender Scope 2.1 Project Name: May 2026 Pangang Vanadium Titanium Iron FeTi70-A(N), 10–50 2.2 Alternative procurement method upon tender failure: negotiated procurement 2.3 The tender content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted in this tender. 3.2 This tender requires bidders to possess the following qualification requirements: (1) Manufacturing-type business license 3.3 This tender requires bidders to meet the following registered capital requirements: Registered capital for manufacturing-type: 5 million yuan and above 3.4 This tender requires bidders to possess the following performance requirements: When submitting bids, bidders shall provide performance proof (scanned copies of invoices) for similar products from January 1, 2023 to the bid submission deadline. 3.5 This tender requires bidders to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: The bidder's registered capital shall be no less than 5 million yuan. Capability requirements: Scanned copies or photos of the original business license (or its duplicate) shall be provided. Other requirements: See attachments for details (if applicable). 3.6 This tender requires that for projects subject to mandatory tendering by law, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining the Tender Documents 4.1 All parties interested in bidding shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents from 08:45 on April 21, 2026 to 08:45 on May 13, 2026 (Beijing time, the same hereinafter). Click to view tender details:

1 Procurement Conditions The purchaser of this procurement project, Ansteel Powder Material Carbonyl Nickel Powder (AGGZZBHGXHD260421283206), is the Tender Management Office of the Procurement and Supply Center of Ansteel Group Engineering Technology Development Co., Ltd. The project funds are self-raised. The project has met the procurement conditions, and an open inquiry and comparison is now being conducted. 2 Project Overview and Procurement Scope 2.1 Project Name: Ansteel Powder Material Carbonyl Nickel Powder 2.2 Switching to other procurement methods upon procurement failure: No 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted for this procurement. 3.2 Bidders for this procurement shall possess the following qualification requirements: (1) Business license for distribution (2) Business license for manufacturing 3.3 Bidders for this procurement shall meet the following registered capital requirements: Registered capital for manufacturers: 200 (10,000 yuan) and above Registered capital for distributors: 200 (10,000 yuan) and above 3.4 Bidders for this procurement shall meet the following performance requirements: Supply performance of similar products after January 1, 2022 (contracts and corresponding invoices). 3.5 Bidders for this procurement shall meet the following capability requirements, financial requirements, and other requirements: Financial requirements: See attachments for details (if applicable) Capability requirements: See attachments for details (if applicable) Other requirements: See attachments for details (if applicable) 3.6 For projects subject to mandatory tender and bid procedures as required by law in this procurement, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining Procurement Documents 4.1 All parties interested in bidding shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic procurement documents from 11:00 on April 21, 2026 to 13:00 on April 28, 2026 (Beijing time, the same hereinafter). Click to view tender details:

1 Tender Conditions The bid inviter for this tender project, Angang Putian Cold-Rolled Steel Rolls 2604 (AGLZPTHGZHD260421283164), is the Marketing Department of Angang Cold-Rolled Steel Sheet (Putian) Co., Ltd. The project funds are self-raised. The project has met the tender conditions, and open tendering is now conducted. 2 Project Overview and Tender Scope 2.1 Project Name: Angang Putian Cold-Rolled Steel Rolls 2604 2.2 Alternative procurement methods upon tender failure: direct procurement, negotiated procurement 2.3 The tender content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted in this tender. 3.2 This tender requires bidders to possess the following qualification requirements: (1) Manufacturing-type business license (2) Manufacturing-type quality management system certification (ISO9000) 3.3 This tender requires bidders to meet the following registered capital requirements: Manufacturing-type registered capital: 3 million yuan and above 3.4 This tender requires bidders to possess the following performance requirements: Provide one supply performance record of similar products from 2023 to the present (provide the contract and corresponding VAT invoices). 3.5 This tender requires bidders to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: see attachments for details (if applicable) Capability requirements: see attachments for details (if applicable) Other requirements: see attachments for details (if applicable) 3.6 This tender requires that for projects subject to mandatory tendering by law, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining the Tender Documents 4.1 All parties interested in participating in the bidding shall log in to the Angang Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents from 09:10 on April 21, 2026 to 13:00 on May 14, 2026 (Beijing time, the same hereinafter). Click to view tender details:

[Molybdenum-Iron Steel Tender Information] SMM, April 3: Angang Steel's latest ferromolybdenum tender price was 282,800 yuan/mt (acceptance bill), with a quantity of 210 mt and a delivery date of April 30.

Case Details September 18, 2025 Vietnam’s Trade Remedies Authority issued an announcement stating that, on September 10, 2025, a Vietnamese producer filed an application for an anti-circumvention investigation into HRC (Vietnamese: phẩm thép cán nóng) originating in China with a width greater than 1,880 mm and less than 2,300 mm. October 27, 2025 Vietnam’s Ministry of Industry and Trade issued Announcement No. 3176/QD-BCT, stating that, upon application by a Vietnamese producer, it had initiated an anti-circumvention investigation in the anti-dumping case concerning HRC (Vietnamese: phẩm thép cán nóng) originating in China, to examine whether the products under investigation had been slightly modified into HRC with a width exceeding 1,880 mm and less than or equal to 2,300 mm for export to Vietnam in order to evade anti-dumping duties. The announcement took effect on the date of issuance. April 2, 2026 Vietnam’s Ministry of Industry and Trade temporarily applied anti-circumvention trade remedy measures to certain hot-rolled steel plate products originating in the People’s Republic of China. The Vietnamese tariff codes of the products under investigation are 7208.25.00, 7208.26.00, 7208.27.19, 7208.27.99, 7208.36.00, 7208.37.00, 7208.38.00, 7208.39.20, 7208.39.40, 7208.39.90, 7208.52.00, 7208.53.00, 7208.54.90, 7208.90.90, 7211.14.15, 7211.14.16, 7211.14.19, 7211.19.13, 7211.19.19, 7211.90.12, 7211.90.19, 7225.30.90, 7225.40.90, 7225.99.90, 7226.91.10, and 7226.91.90. All producers and export enterprises of the People’s Republic of China are subject to an anti-dumping duty rate of 27.83 Products not subject to the temporary anti-circumvention trade remedy measures include: hot-rolled steel plate products with carbon content (by weight) > 0.30%; hot-rolled steel plate products in coil form with thickness ≥10 mm; hot-rolled steel plate products formally excluded from the scope of anti-dumping duties pursuant to Decision No. 1959/QĐ-BCT dated July 4, 2025; and steel plate products of grades BW450, BS700MCK2, AG700, and LG700T. This decision will take effect 15 days after the date of issuance. From Anti-Dumping to Anti-Circumvention: What Changed in the Export Data? Previously, Vietnam’s anti-dumping duties on China’s hot-rolled coil products applied only to products with a width not exceeding 1,880 mm, leading many Chinese exporters to evade tariffs by “slightly adjusting” product specifications into the wider 1,880-2,300 mm range. This anti-circumvention investigation and the subsequent duty decision were intended to completely close this loophole. Under the new rules, hot-rolled steel coils with widths between 1,880 mm and 2,300 mm will also be included in the taxable scope and be subject to the same anti-dumping duty rate of 27.83 as the original products. Figure 1 Relationship Between Total HRC Exports to Vietnam and Exports of Products Involved in the Anti-Circumvention Case It can be seen that before the anti-dumping case was filed, China’s HRC exports to Vietnam mainly consisted of conventional-width coils below 1,880-2,300 mm. This was mainly because producing wide hot-rolled products above 2 meters requires special production lines, and the China steel mills capable of exporting such products were highly concentrated, mainly large steel enterprises such as Baowu, Angang, Bensteel Group, and WISCO, making them non-mainstream export products. After the preliminary anti-dumping ruling, the proportion of wide coils gradually increased. Another set of data shows the following . First, if the preliminary anti-dumping ruling is taken as the time period, China’s HRC exports to Vietnam from January to June of that year had already plunged 46 YoY to 2.3165 million mt, while exports of wide coils surged 815 YoY to 1.2964 million mt. This was also the main support for why the decline in the average exports of China’s HRC to Vietnam was not obvious during the period from the preliminary anti-dumping ruling to the filing of the anti-circumvention case. Second, if the filing of the anti-circumvention case is taken as the time period, as of December 2025 , China’s total HRC exports to Vietnam were 1.0797 million mt, with a monthly average of 529,900 mt; exports of products involved in the anti-circumvention case totaled 627,000 mt, accounting for 58.08. In other words, in an extreme scenario, the establishment of anti-circumvention measures would reduce the monthly average of China’s HRC exports to Vietnam to 226,300 mt. Furthermore, if 2026 is taken as the time period, because the market had previously expected anti-circumvention measures to be implemented in December, some export traders still conducted transactions before then, so the data for November-December 2025 cannot fully reflect the actual reduction in export volumes caused by concerns over the confirmation of anti-circumvention measures. Since the beginning of 2026, China’s total HRC exports to Vietnam were 229,700 mt, with a monthly average of 114,800 mt; exports of products involved in the anti-circumvention case totaled 131,300 mt, accounting for 57.17. In other words, in an extreme scenario, the establishment of anti-circumvention measures would reduce the monthly average of China’s HRC exports to Vietnam to 49,200 mt, representing a decline of 3,789 YoY compared with the 2025 monthly average export volume. Impact of Anti-Circumvention Measures It is thus evident that the further implementation of anti-circumvention measures will further narrow the channel for China’s hot-rolled products to be exported to Vietnam. Last year, Vietnam was still the largest market for China’s hot-rolled exports, but the export landscape may change significantly in the future as a result of this incident. For China’s export enterprises, they should seize the remaining 15-day “breathing space” and accelerate shipments of orders on hand. In the long run, they need to proactively adjust their product mix and pay more attention to export opportunities for high-end products.

Angang Steel patented a new welding method for stainless steel clad plates. By introducing a nickel-based transition layer between the layers, the process ensures weld strength matches the base metal and prevents intergranular corrosion in high-heat environments. This significantly improves the structural stability of clad plates.

1. Procurement Conditions The purchaser of this procurement project, Pangang Vanadium April 2026 Gansu PCI Semi Coke (PGWZMYHHD260327277329), is the Fuel Division of Pangang Group Materials Trading Co., Ltd. The funds for the procurement project were self-raised. The project had met the procurement conditions, and a public single-round negotiation was now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Pangang Vanadium April 2026 Gansu PCI Semi Coke 2.2 Alternative Procurement Method in Case of Procurement Failure: Direct procurement 2.3 For the content, scope, and scale of this project procurement, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Consortium bidding was not allowed in this procurement. 3.2 This procurement required bidders to have the following qualification requirements: (1) Trading business license (2) Manufacturing business license 3.3 This procurement required bidders to meet the following registered capital requirements: Manufacturing registered capital: 5 million yuan and above Trading registered capital: 5 million yuan and above 3.4 This procurement required bidders to have the following performance requirements: Bidders were required to provide similar project performance from January 1, 2023 to the bid submission deadline (copies of contracts must be provided), as well as scanned copies of VAT invoices for the relevant performance. 3.5 This procurement required bidders to have the following capability requirements, financial requirements, and other requirements: Financial requirements: The registered capital of the bidder for this project shall not be less than 5 million yuan, and multiple awards were allowed for this project. The registered capital of bidders that are manufacturing suppliers or trading suppliers shall not be less than 30% of the amount (excluding tax) of the section or bid quantity amount for which they bid; Capability requirements: See the attachment for details (if applicable) Other requirements: (1) Scanned copy of the business license (or duplicate); (2) Scanned copy of the tax registration certificate (or duplicate) (except where the three certificates have been combined into one); (3) Scanned copy of the organization code certificate (or duplicate) (except where the three certificates have been combined into one). (4) New suppliers (those that did not provide a copy of a Pangang contract within the past 6 months under the performance requirements were deemed new suppliers) were required to provide, at the time of bidding, a sample review qualification report issued by Pangang's technical quality department or another state-owned detection entity, valid for three months and dated no earlier than the date of publication of the tender announcement. 3.6 For projects that were legally required to undergo tender, bids submitted by dishonest persons subject to enforcement were invalid. 4. Access to the Procurement Documents 4.1 Any bidder intending to participate was requested to log in to the Angang Intelligent Tender and Bidding Platform at http://bid.ansteel.cn from 13:45 on March 28, 2026 to 13:45 on March 30, 2026 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to View Tender Details: