Maanshan Iron & Steel : ANNOUNCEMENT ON ESTIMATED GROWTH IN PROFIT IN ANNUAL RESULTS OF 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

馬 鞍 山 鋼 鐵 股 份 有 限 公 司

Maanshan Iron & Steel Company Limited

(A joint stock limited company incorporated in the People's Republic of China)

(Stock Code: 00323)

ANNOUNCEMENT ON ESTIMATED GROWTH IN PROFIT IN

ANNUAL RESULTS OF 2021

This announcement is made by the board of directors (the "Board") of Maanshan Iron

• Steel Company Limited (the "Company") pursuant to Rules13.09 and 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

1. ESTIMATED RESULTS DURING THE PERIOD
2. 1. Estimated results period:
      1 January 2021 to 31 December 2021.
   2. Estimated Results:

1. Based on a preliminary estimate by the finance department, the net profit of the Company attributable to the shareholders of the listed company for the year 2021 is estimated to reach approximately RMB5 . 210 billion, representing a year - on - year increase of approximately RMB3.227 billion or 162.73%.
2. The net profit excluding non-recurring gains or losses attributable to the shareholders of the listed company is estimated to reach approximately RMB5.314 billion, representing a year-on-year increase of approximately RMB3.828 billion or 257.60%.

3. The estimated results have not been audited by certified public accountants.

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1. RESULTS FOR THE CORRESPONDING PERIOD OF THE PREVIOUS YEAR
2. 1. The net profit attributable to the shareholders of the listed company: RMB1.983 billion. The net profit excluding non-recurring gains or losses attributable to the shareholders of the listed company: RMB1.486 billion.
   2. Earnings per share: RMB0.258.

1. MAIN REASONS FOR THE ESTIMATED PROFIT GROWTH OF THE RESULTS DURING THE PERIOD
2. 1. Impact of principal business
      In 2021, China's national economy continued to recover. Although the iron and steel industry faced multiple pressure, including "dual control for energy consumption" policy and restrictions of power and production, the overall operation of the industry is on a smooth trend. With the theme of promoting high-quality development, through comprehensively identifying gaps through comparing with other companies and striving for the first place, the Company strengthened the coordination of systems, achieved synergy with high efficiency, fully released the production capacity of key production lines, significantly improved the major technical and economic indicators, and achieved new breakthroughs in lean and efficient operation. Compared with the previous year, the Company's annual operating results increased substantially.
   2. Impact of non-recurring gains or losses
      The non-recurring profit or loss of the Company attributable to the shareholders of the listed company for 2021 recorded a net loss of approximately RMB104 million, which was mainly due to the profit or loss from the disposal and write-off of non-current assets, government subsidies, dismissal compensation for the termination of labor contracts through negotiation, and investment gains from related financial assets and other impacts. Compared with 2020, the Company's non-recurring profit or loss attributable to the shareholders of the listed companies for 2021 had changed mainly due to the fact that the Company recorded a loss in the disposal and write-off of non-current assets in 2021 while recorded a profit in such aspect in 2020.

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IV. RISK DISCLOSURE

The Company considers that there is no material uncertainty affecting the accuracy of the estimated results.

1. OTHER MATTERS
   The forecasts above are only preliminary estimates and have not been audited. The specific audited financial information will be disclosed in details in the 2021 annual report of the Company. Investors are advised to pay attention to the investment risks.

The Board of Directors

Maanshan Iron & Steel Company Limited

28 January 2022

Maanshan City, Anhui Province, the PRC

As at the date of this announcement, the directors of the Company include executive directors Ding Yi and Ren Tianbao; and independent non-executive directors Zhang Chunxia, Zhu Shaofang and Wang Xianzhu.

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