Chongqing Iron & Steel extends deadline for Baowu's competition commitment

Chongqing Iron & Steel Company announced that its board approved a resolution to extend the deadline for its actual controller, China Baowu Steel Group Corporation Limited, to fulfill its commitment to avoid inter-company competition by three years. This extension does not revoke the original commitment and will be submitted for shareholder approval.

The extension stems from challenges in resolving business overlaps between Baosteel Co., Ltd., Baowu Group Echeng Iron & Steel Co., Ltd., and Chongqing Iron & Steel, particularly due to the steel industry's weak cycle and financial pressure on listed steel companies. China Baowu had originally committed in September 2020 to resolve these issues within five years. The new commitment extends the period and updates the plan, noting the need for further study based on market conditions and operational improvements.

In a related development, the board also resolved to convene the first extraordinary general meeting of 2025 on September 16, 2025, to seek shareholder approval for the commitment extension.