Maanshan Iron & Steel reduces Baowu Water stake, repurchases shares

Maanshan Iron & Steel Company Limited announced its controlled subsidiary, Maanshan Iron & Steel, will reduce its capital in associate Baowu Water Technology Co. through an asset transfer. This related party transaction, approved on September 22, 2025, will decrease Maanshan Steel's ownership in Baowu Water from 14.977% to 3.151%. The reduction valued at 53,838.22 yuan aims to improve operational efficiency and stability by leveraging related circular water assets.

Concurrently, Maanshan Iron & Steel will repurchase and cancel 21,423,400 restricted shares on September 25, 2025. This decision stems from the non-achievement of 2024 performance targets under the company’s 2021 A-share restricted stock incentive plan, affecting 222 incentive recipients. An additional 397,800 shares will be repurchased from three former employees.

The total repurchase amount will reduce the company's registered capital by 21,423,400 yuan, resulting in a new registered capital of 7,700,681,186 yuan.