Maanshan Iron & Steel: Share repurchase and revised sales agreement

Maanshan Iron & Steel (SSE:600808) announced the planned repurchase and cancellation of restricted shares and revisions to its product sales agreement with China Baowu Steel Group. The decision to repurchase 21,423,400 restricted shares, totaling CNY49,135,168, stems from the failure to meet 2024 performance targets and the departure of key personnel. According to the 2021 A-share restricted stock incentive plan, the company must repurchase shares from employees who do not meet performance goals or leave the company. Separately, the company is revising its 2025-2027 product sales agreement with China Baowu, its indirect controlling shareholder, to adapt to evolving market conditions following the partial divestiture of its subsidiary, Maanshan Iron & Steel Co., Ltd, where Baowu Steel now holds a 49% stake. The revised agreement increases the sales cap to CNY65,943,035,629 in 2025, CNY79,293,051,022 in 2026, and CNY80,195,465,303 in 2027. Both the share repurchase and the revised sales agreement are subject to shareholder approval. The company believes the revised agreement will broaden its sales channels and improve service quality.