[Personnel Changes at China Baowu!] On June 5, Taiyuan Iron and Steel (hereinafter referred to as TISCO) held a special governance promotion meeting on the issue of "transportation and delivery of finished steel products". Wu Haishan, member of the Standing Committee of the Party Committee and Secretary of the Disciplinary Inspection Commission of TISCO Group, attended and presided over the meeting. Reports indicate that Wu Haishan has been transferred to serve as member of the Standing Committee of the Party Committee and Secretary of the Disciplinary Inspection Commission of TISCO Group. Previously, Wang Zhen served as the Secretary of the Disciplinary Inspection Commission of TISCO Group, and Wang Zhen, the former Deputy Secretary of the Party Committee and Secretary of the Disciplinary Inspection Commission of TISCO Group, has been transferred to serve as the General Manager of Baowu Environmental Technology and Baowu Water.

On the morning of June 6 local time, the Western Range iron ore project (Western Range), jointly developed by Baowu and Rio Tinto Group, was fully completed and put into operation, marking the full-scale operational phase of this major Sino-Australian resource cooperation project. The designed annual capacity of the Western Range iron ore mine is 25 million mt , providing a 20-year resource guarantee for the Paraburdoo mining hub. The first batch of ore from the project was processed through the production system of the Western Range project by the end of March this year. With a total investment of US$2 billion, the Western Range iron ore project was jointly developed by Rio Tinto (with a 54% stake) and China Baowu (with a 46% stake), and was completed on time and within budget. The project construction included a primary crushing station and an 18-kilometer conveyor system connecting it to the existing beneficiation plant in Paraburdoo. Hu Wangming, Chairman of China Baowu Group, attended and delivered a speech at the inauguration ceremony held in Western Australia, Australia. Hon Roger Cook, Premier of Western Australia; Madeline King, Australian Minister for Resources; Long Dingbin, Chinese Consul General in Perth; Gao Feng, Minister Counsellor at the Chinese Embassy in Australia; Shi Bing, Chairman of Baowu Resources Co., Ltd.; Jakob Stausholm, CEO of Rio Tinto Group; Simon Trott, CEO of Rio Tinto's Iron Ore business; as well as representatives from the government and the joint venture company, jointly attended this significant event. Robyn Hayden (née Tommy), Chairperson of the Board of the Yinhawangka Aboriginal Corporation, attended the inauguration ceremony alongside several Yinhawangka Traditional Owners. Roger Cook stated that the inauguration of the Western Range iron ore mine is a significant milestone, with great significance for the economic development of Western Australia. Our government will continue to support the development of the resources industry, as it not only creates high-quality jobs for the people of Western Australia but also safeguards our standard of living. Madeline King stated that the inauguration of the Western Range iron ore mine is exciting news for the Pilbara region, Western Australia, Traditional Owners, and the entire nation. The Pilbara is the engine of Australia's economy, and projects like Western Range will ensure that this engine continues to drive Australia's future. The partnership between Rio Tinto and Baowu in the Pilbara region dates back to 2002, when the two parties established the Bao-HI Joint Venture to jointly develop the East Range iron ore mine in the Hamersley Ranges. Hu Wangming stated that the success of the Western Range project is not only a milestone in Sino-Australian resource cooperation but also a vivid portrayal of collaboration among multiple parties to overcome challenges. The Western Range project is not only a core fulcrum in the global resource deployment of China Baowu and Rio Tinto Group, but also a model project for China-Australia economic and trade cooperation. The exploration by Baowu and Rio Tinto in areas such as green and low-carbon development and collaborative innovation has not only set a benchmark for the industry but also contributed wisdom and strength to the sustainable development of global resources. We are willing to work hand in hand with the Western Australian government, Indigenous communities, and partners from all walks of life to build an inclusive and sustainable cooperation ecosystem. We will also continue to fulfill our corporate responsibilities, drive industrial upgrading through technological innovation, and inject new momentum into regional prosperity and the stability of the global industry chain. Jakob Stausholm stated that the commissioning of the Western Range iron ore project is an important step for Rio Tinto to extend its mining layout in the Pilbara region. It also brings a more promising future to Paraburdoo, one of our earliest mining centers that has been in operation since 1972. I am particularly proud of our cooperation with the Yinhawangka people on the Western Range project, and we will continue to maintain close cooperation in the future. Our cooperation with Baowu ensures that our largest customer can directly benefit from the stable and exclusive supply of Rio Tinto's world-leading Pilbara Blend ore. It is understood that the Western Range iron ore project is one of a series of mine replacement projects being advanced by Rio Tinto in the Pilbara region, with a total annual capacity of approximately 130 million mt for this series of projects . In addition to the investment in the Brockman Syncline 1 project (US$1.8 billion) announced on March 6, 2025, the development work for the Hope Downs 1 and West Angelas maintenance projects is also in the approval process. Over the next three years (2025-2027), Rio Tinto expects to invest more than US$13 billion in new mine development, plants, and equipment. Over the past three years (2022-2024), Rio Tinto has already invested approximately US$8.5 billion in the Pilbara region. Rio Tinto is also advancing the pre-feasibility study for the Rhodes Ridge project , which is one of the world's largest undeveloped high-grade iron ore deposits, with a planned initial annual capacity of 40 million mt and a target to commence production before 2030.

According to Rio Tinto Group: Rio Tinto Group has announced the official commissioning of its latest iron ore project, the Western Range iron ore project. Western Australian Premier Roger Cook, Australian Federal Minister for Resources Madeleine King, traditional landowners from the Yinhawangka people, and senior executives from Rio Tinto Group and its joint venture partner, China Baowu Steel Group, jointly witnessed this significant milestone. Western Range iron ore project: It has a designed annual capacity of 25 million mt; It will provide a 20-year resource guarantee for the Paraburdoo mining hub; With a total investment of $2 billion, it is a joint venture development between Rio Tinto (54% stake) and China Baowu (46% stake); The project construction includes a primary crushing station and an 18-kilometer conveyor system connecting it to the existing beneficiation plant in Paraburdoo; The new mine will provide stable employment for over 880 permanent and fly-in-fly-out employees at Paraburdoo; Meanwhile, the Western Range iron ore project will not only support the sustainable development of Paraburdoo town but also further promote the economic development of Western Australia and Australia through royalties and related taxes. Robyn Hayden (née Tommy), Chairperson of the Board of the Yinhawangka Aboriginal Corporation, attended the commissioning ceremony alongside several traditional landowners from the Yinhawangka people. Western Australian Premier Roger Cook, Australian Federal Minister for Resources Madeleine King, China Baowu Group Chairman Hu Wangming, Baowu Resources Chairman Shi Bing, Rio Tinto Group CEO Jakob Stausholm, Rio Tinto Group Iron Ore CEO Simon Trott, as well as government and joint venture company representatives, also attended this important event. Western Australian Premier Roger Cook stated: The commissioning of the Western Range iron ore project is a significant milestone with great importance for the economic development of Western Australia. Our government will continue to support the development of the resources industry, as it not only creates high-quality jobs for the people of Western Australia but also safeguards our standard of living. Australian Federal Minister for Resources Madeleine King stated: The commissioning of the Western Range iron ore project is exciting news for the Pilbara region, Western Australia, traditional landowners, and the entire nation. The Pilbara is the engine of Australia's economy, and projects like Western Range will ensure that this engine continues to drive Australia's future. The Western Range iron ore project is Rio Tinto's first project to jointly design a Social, Cultural, and Heritage Management Plan (SCHMP) with the traditional landowners of the Yinhawangka people. In accordance with the Social, Cultural and Heritage Management Plan agreed with the Yinhawangka Aboriginal Corporation in 2022, the Western Range iron ore project has been designed and developed with the protection of significant local cultural and heritage values at its core. Robyn Hayden, Chair of the Yinhawangka Aboriginal Corporation, said, "For the Yinhawangka people, the land means everything—it holds our spirits, our laws, and the responsibility to protect it passed down through generations. The commencement of production at Western Range marks a shift in how our cultural heritage is recognized and respected. We acknowledge Rio Tinto's efforts to change the way they interact with us and the actions they have taken to build a stronger and more transparent partnership. This is a profound starting point—we are ready to work together." The partnership between Rio Tinto and Baowu in the Pilbara region dates back to 2002, when the two parties established the Bao-Hl Joint Venture to jointly develop the East Range iron ore project in the Hamersley Ranges. Hu Wangming, Chairman of Baowu Group, said, "The success of the Western Range project is not only a milestone in China-Australia resource cooperation but also a vivid portrayal of multi-party collaboration and overcoming difficulties. The Western Range project is not only a core fulcrum in the global resource layout of China Baowu and Rio Tinto Group but also a model project for China-Australia economic and trade cooperation. Baowu and Rio Tinto's exploration in areas such as green and low-carbon development and collaborative innovation has not only set a benchmark for the industry but also contributed wisdom and strength to the sustainable development of global resources. We are willing to work hand in hand with the Western Australian government, Indigenous communities, and partners from all walks of life to build an inclusive and sustainable cooperation ecosystem. We will also continue to fulfill our corporate responsibilities, drive industrial upgrading through technological innovation, and inject new momentum into regional prosperity and the stability of the global industry chain." Jakob Stausholm, CEO of Rio Tinto Group, said, "The commencement of production at Western Range is an important step in extending Rio Tinto's mining layout in the Pilbara region and also brings longer-term development prospects to Paraburdoo, one of our earliest mining centers, which has been in operation since 1972. I am particularly proud of our collaboration with the Yinhawangka people on the Western Range project, and we will continue to maintain close cooperation in the future. Our partnership with Baowu ensures that our largest customer can directly benefit from a stable and exclusive supply of Rio Tinto's world-leading Pilbara Blend ore." The first batch of ore was processed through the production system of the Western Range project by the end of March this year.

Tibet Mineral Development Co., Ltd. held the third extraordinary meeting of the eighth board of directors on May 30, 2025, and agreed to reduce the initial listing price of Baiyin Zhabuye by 10% based on the first listing price in 2024. The transfer reserve price was adjusted to RMB 176.9214 million, and the company entrusted the Shanghai United Assets and Equity Exchange to conduct the second round of public listing for transfer.

According to the website of the People's Government of Shanxi Province, on May 21, the Shanxi Provincial Government and China Baowu Steel Group Corporation Limited held a working meeting. Both sides introduced their respective situations in terms of economic and social development, as well as the quality improvement and upgrading of the steel industry. They expressed their commitment to fully leverage their respective advantages, accelerate the implementation of cooperation initiatives, focus on promoting the high-end, intelligent, and green development of the steel industry, cultivate and develop new quality productive forces, and achieve win-win cooperation in contributing to the Shanxi chapter of Chinese-style modernization.

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.

Recently, Jakob Stausholm, CEO of Rio Tinto Group, stated in an interview in Beijing that China's 5% economic growth target and high-quality development strategy present new opportunities for the mining industry. As China's first iron ore supplier (since 1973), 57% of Rio Tinto's revenue comes from the Chinese market. He pointed out that the rapid development of China's new energy industry is driving demand for commodities, and the Simandou and Xipo iron ore mines, which will commence production this year, will better meet China's demand for high-grade iron ore. Stausholm particularly highlighted China's innovative achievements in fields such as electric vehicles and introduced that Rio Tinto established a Technology and Innovation Center in China in 2022, collaborating with companies like China Baowu and Shougang Group to advance low-carbon projects. He highly praised China's continuously optimized business environment and expressed that through continuous participation in platforms like the China International Supply Chain Expo, Rio Tinto will further deepen its cooperation with China.

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On March 25, the Xipo Iron Ore Project, jointly developed by China Baowu and Rio Tinto, reached a significant milestone—the most critical belt system was put into operation on schedule, marking the full completion of the project's main engineering and the attainment of large-scale production capacity.

Qinjian Lou stated that the next step for the Standing Committee of the National People's Congress will be to strengthen the supervision of government debt management in accordance with relevant legal provisions, particularly focusing on tracking and supervising the implementation of increasing local government debt limits to replace outstanding hidden debt. Efforts will be made to further enhance government debt management, actively and prudently prevent and resolve local government debt risks, and accelerate the establishment of a government debt management mechanism aligned with high-quality development, thereby contributing to the sustained and healthy development of the economy and society.