Angang Steel Company Limited provided earnings guidance for the six months ended June 30, 2024. For the six months, company expects to record a decline in the net profit attributable to shareholders of the Company in comparison with the corresponding period of 2023. Net profit attributable to shareholders of the Company's estimated decline is approximately (RMB 2,679) million (Decrease as compared to corresponding period of last year: approximately 99.33%).

Basic earnings per share's estimated decline is approximately (0.285). Reasons for the estimated decline: In the first half of 2024, the steel industry remained in a weak market condition and the industry suffered losses as a whole. The downstream demand for steel products continued to be low, leading to fluctuating steel prices at a low level.

Although the cost of raw materials decreased, it did not match the decline in sales, and the price scissors between the procurement and sales sides further narrowed, further compressing profitability. In the face of the downward pressure in the steel market, the Company took the opportunity to purchase to reduce the cost of procurement in the procurement side; strengthened the adjustment of products to increase efficiency in the sales side, tended to increase resources allocation to products with higher profit margins; and continued to promote systematic cost reduction in the manufacturing side. However, due to the impact of the continuous narrowing of the market on both the supply and sales sides, the production and operation of the Company remained in a loss position.