Baosteel approves equity reduction exit for Baowu Carbon employees

Baoshan Iron & Steel (SSE: 600019) announced that its eighth board of directors has approved a resolution regarding equity reduction for employees of Baowu Carbon Technology Co., Ltd. Under the approved plan, employees holding 8.2% (or a portion thereof) of Baowu Carbon's equity will exit through a capital reduction, with the total reduction amount not exceeding CNY 520 million. Baosteel will authorize Baowu Carbon to make decisions on follow-up arrangements for the employee stock ownership plan, considering relevant national and local laws and regulations, and the actual circumstances of employee exits. The meeting was held on May 6, 2025, with all 11 directors in attendance.