[Baosteel: Achieves Major Technological Breakthrough in China's High-End Silicon Steel Material Sector] On May 22, Baosteel launched four types of non-oriented silicon steel products for the first time. Among them, the product with model number B10AHV900M is as thin as 0.1 mm, and its core loss value has broken through the long-standing industry barrier of 9 W/kg. This represents another significant technological breakthrough in the high-end silicon steel material sector, and it will become a key material for industries such as humanoid robots and low-altitude aircraft.

[Tender Information for Ferromolybdenum] It is reported that Baosteel (Baoshan) has launched a tender for ferromolybdenum, with a quantity of 180 mt. The delivery date is before July 5, and the tender closing time is 12:00 on June 19. The results are yet to be announced.

After research and decision-making, Baosteel's domestic sales prices for sheets & plates in April 2025 will be adjusted based on March 2025 prices as follows (all prices are exclusive of tax unless otherwise specified): I. Hot Rolled Base price remains unchanged. II. Heavy Plates Base price remains unchanged. III. Pickled Base price remains unchanged. IV. Cold Rolled Base price remains unchanged. V. Hot-Dip Galvanizing Base price remains unchanged. VI. Electro-Galvanizing Base price remains unchanged...

Announcement on the Adjustment of Domestic Futures Selling Prices for Sheets & Plates by Baosteel in March 2025 After research and decision-making, Baosteel announces the adjustment of domestic selling prices for sheets & plates in March 2025 based on February 2025 prices as follows (all prices below are exclusive of tax unless otherwise specified): I. Hot-Rolled Base price increased by 100 yuan/mt. II. Heavy Plates Base price increased by 100 yuan/mt. III. Pickled Base price increased by 100 yuan/mt. IV. Cold-Rolled Base price increased by 100 yuan/mt. ......

Baosteel issued a tender notice on March 26, intending to purchase a total of 1,300 mt of ferrosilicon. The specific requirements were: 550 mt for the Baoshan base, 600 mt for the Zhanjiang base, and 150 mt for the Meishan base. The registration deadline was 15:00 on March 27, 2025, the quotation deadline was 17:00 on March 27, 2025, and the delivery date was required to be April 30, 2025.

On May 22, Baosteel held the 4th Non-Oriented Electrical Steel Application Technology Conference in Chengdu. At the event, four new high-performance non-oriented electrical steel products were launched globally for the first time, including an ultra-thin, ultra-low core loss, and high magnetic flux density non-oriented electrical steel, which is the world's first product with a core loss value of less than 9 W/kg. This product will significantly enhance the performance and efficiency limits of high-speed motors, and in the future, it can be widely applied in fields such as humanoid robots and low-altitude aircraft. Non-oriented electrical steel is the most widely used soft magnetic alloy and a core material for generators and motors. Its electromagnetic properties play a crucial role in motor efficiency. As a core material for the low-carbon economy and society, Baosteel's non-oriented electrical steel, with its excellent high magnetic flux density, low core loss, and processing performance, demonstrates the best overall advantages in fields such as NEVs, industrial motors, household appliances, power generation equipment, low-altitude aircraft, and robots, gaining popularity both domestically and internationally. The four new products launched this time are B15AHV950M, B10AHV900M, B50AM250, and 65WY600. Among them, B10AHV900M and B15AHV950M have thicknesses of 0.10 mm and 0.15 mm, respectively. In particular, the breakthrough non-oriented electrical steel product B10AHV900M is even thinner than an A4 sheet of paper. Meanwhile, it has an extremely low core loss, meaning the material's energy loss in a high-frequency alternating magnetic field is extremely low, breaking through the long-standing industry barrier of 9 W/kg (under 1.0 Tesla magnetization at 400 Hz). Additionally, it has high magnetic permeability, with a magnetic polarization intensity reaching 1.66 Tesla at a magnetic field strength of 5000 A/m, the highest globally in terms of magnetic properties. It is understood that the inability to achieve both "ultra-thin specifications" and "ultra-high performance" has long been a bottleneck limiting the performance improvement of non-oriented electrical steel and a challenge restricting the development of various motor industries. Although steel companies worldwide can produce non-oriented electrical steel with a thickness of 0.1 mm, no product has previously been able to simultaneously meet the above three indicators. The two products, B10AHV900M and B15AHV950M, have the advantage of "improving driving efficiency and extending the driving range of vehicles," making them the best materials for drive motors in NEVs.

To achieve synergies and enhance market competitiveness, Baosteel (600019.SH) plans to invest 9 billion yuan in Maanshan Iron & Steel Co., Ltd. (hereinafter referred to as "Ma Steel Limited"), a subsidiary of Maanshan Iron & Steel Co., Ltd. (hereinafter referred to as "Ma Steel"). This evening, Baosteel announced its intention to invest 9 billion yuan in Ma Steel Limited, which will result in a 49% stake in the company upon completion of the transaction. Notably, as of the end of 2024, Ma Steel Limited's revenue was 70.66 billion yuan, but its net profit was -4.051 billion yuan, accounting for 86.95% of Ma Steel's total losses. Since both Ma Steel and Ma Steel Limited are indirectly controlled subsidiaries of China Baowu, the controlling shareholder of Baosteel, this transaction constitutes a related-party transaction. Baosteel stated that Ma Steel is one of the largest steel producers and sellers in China with a single production site, featuring a product structure of "special steel, wheel axles, long products, and sheets & plates." This related-party transaction aligns with Baosteel's strategic vision of "becoming the most competitive steel enterprise globally and the most valuable publicly listed firm for investment." It leverages the company's professional sector advantages, effectively enhances the competitiveness of both parties, achieves synergistic development and shared benefits, and further strengthens regional market influence and competitiveness. Based on the financial data disclosed by both parties, Baosteel's audited total assets at the end of 2023 reached 376.051 billion yuan, with net assets attributable to shareholders of the publicly listed firm at 20.0325 billion yuan. Its audited operating revenue for 2023 was 344.5 billion yuan, with net profit attributable to shareholders of the publicly listed firm at 11.944 billion yuan. The company has not yet announced its 2024 performance, but as of Q3 2024, its net profit was 5.882 billion yuan, demonstrating strong profitability despite the industry downturn. In contrast, Ma Steel performed poorly during the industry downturn, with audited operating revenue of 81.817 billion yuan and net profit attributable to parent company owners of -4.659 billion yuan as of 2024, and cumulative losses exceeding 6.8 billion yuan from 2022 to 2024. The specific details of the transaction are as follows: Baosteel plans to acquire a 35.42% stake in Ma Steel Limited held by Ma Steel for 5.139 billion yuan in cash, while simultaneously increasing its capital in Ma Steel Limited by 3.861 billion yuan in cash, with a total investment potentially reaching 9 billion yuan. According to the evaluation results of the appraisal company, as of February 28, 2025, the net asset value of Ma Steel Limited under the asset-based method was 14.506 billion yuan, representing an increase of 1.977 billion yuan, or 15.78%, compared to the audited consolidated net assets attributable to parent company shareholders of 12.529 billion yuan. Compared to the audited standalone net asset book value of 10.077 billion yuan, the evaluation increased by 4.429 billion yuan, or 43.95%. For Ma Steel, although its stake in Ma Steel Limited decreased from 100% to 51%, it still maintains a controlling position and will continue to consolidate Ma Steel Limited. Through Baosteel's investment, it will help optimize the capital structure, enhance capital strength, and provide financial support for future development. Additionally, leveraging Baosteel's resources and advantages will promote innovation in Ma Steel Limited's management and business models, enhancing its core competitiveness and overall strength. Baosteel's investment in Ma Steel Limited, a loss-making asset, also drives the consolidation of the steel industry, which will have a profound impact on both companies and the overall industry landscape, potentially injecting new vitality into the industry. However, the steel industry downturn has not yet ended, and this transaction faces numerous challenges. Effectively integrating the corporate cultures, management systems, and business processes of both parties to achieve true synergies is a significant challenge for Baosteel. Moreover, the complex and volatile market environment of the steel industry, including fluctuations in raw material prices and changes in market demand, may impact the future performance of Ma Steel Limited.

Announcement on the Adjustment of Domestic Futures Selling Prices for Sheets & Plates by Baosteel in May 2025 After careful consideration, Baosteel has decided to adjust the domestic sales prices for sheets & plates in May 2025 based on the prices in April 2025. The details of the adjustment are as follows (all prices mentioned below are exclusive of tax unless otherwise specified): 1. Hot Rolling Base price remains unchanged. 2. Thick Plate Base price remains unchanged. 3. Pickling Base price remains unchanged. 4. Cold Rolling Base price remains unchanged. 5. Hot-Dip Galvanizing Base price remains unchanged. 6. Electrogalvanizing Base price remains unchanged. 7. Chalco Zinc-Aluminum-Magnesium Base price remains unchanged. 8. High Aluminum Zinc-Aluminum-Magnesium Base price remains unchanged. 9. Aluminized Zinc Base price remains unchanged. 10. Color Coating Base price remains unchanged. 11. Non-Oriented Silicon Steel Base price remains unchanged. 12. Oriented Silicon Steel Base price remains unchanged. 13. For details on alloy surcharges and coating/galvanizing surcharges, please refer to the price list for May 2025. 14. The above price adjustments will take effect from the date of announcement. 15. The Marketing Center of Baoshan Iron & Steel Co., Ltd. (Baosteel International) reserves the right to interpret this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) April 10, 2025

Announcement on the Adjustment of Domestic Futures Selling Prices for Sheets & Plates by Baosteel in January 2025 After thorough research, Baosteel has decided to adjust the domestic selling prices for sheets & plates in February 2025 based on the prices of January 2025 as follows (all prices below are exclusive of tax unless otherwise specified): I. Hot-Rolled Base price remains unchanged. II. Heavy Plate Base price remains unchanged. III. Pickled Base price remains unchanged. IV. Cold-Rolled Base price remains unchanged. V. Hot-Dip Galvanizing Base price remains unchanged. VI. Electro-Galvanizing Base price remains unchanged. VII. Chalco Zinc-Aluminum-Magnesium Base price remains unchanged. VIII. High-Aluminum Zinc-Aluminum-Magnesium Base price remains unchanged. IX. Aluminized Zinc Base price remains unchanged. X. Color Coating Base price increased by 100 yuan/mt. XI. Non-Oriented Silicon Steel Base price remains unchanged. XII. Oriented Silicon Steel Base price remains unchanged. XIII. Adjustments to alloy surcharges and coating/galvanizing surcharges are detailed in the February 2025 price list. XIV. The above price adjustment notice shall take effect from the date of publication. XV. The right to interpret this price adjustment notice belongs to the Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) January 6, 2025

Baosteel Desheng Successfully Completes Unorganized Ultra-Low Emission Retrofit Recently, the unorganized ultra-low emission retrofit assessment of Baosteel Desheng Company successfully passed the review by the Ministry of Ecology and Environment and the China Iron and Steel Association, and was publicly announced.