Baowu Steel unpledges all shares in Baoshan Iron & Steel

Baoshan Iron & Steel Company Limited (Baosteel) announced on November 25, 2025, that its controlling shareholder, China Baowu Steel Group Co., Ltd. (China Baowu), has unpledged all 1,374,520,437 shares previously pledged to Taiyuan Iron & Steel (Group) Co., Ltd. This move eliminates all pledged shares held by China Baowu and its concerted parties in Baosteel.

The unpledged shares represent 9.908% of China Baowu's total holdings and 6.310% of Baosteel's total share capital. China Baowu and its concerted parties now have no pledged shares remaining, holding 13,872,279,230 shares, or 63.687% of Baosteel's total share capital. The registration for the release of these pledges was completed recently.

Baosteel confirmed that China Baowu currently has no further pledging plans for its shares. Any future changes will be disclosed in accordance with regulatory requirements.