Maanshan Iron & Steel postpones board re-election, plans supervisory board abolition

Maanshan Iron & Steel Company Limited's tenth board of directors and supervisory board terms are set to expire on December 1, 2025. The company intends to abolish its supervisory board, with the audit and compliance management committee of the board of directors assuming its functions. This is in accordance with the "Company Law of the People's Republic of China" and the "Guidelines for the Articles of Association of Listed Companies" from the China Securities Regulatory Commission.

Due to ongoing preparations for the board re-election and the abolition of the supervisory board, Maanshan Iron & Steel has decided to postpone the re-election process to ensure continuity and stability in its operations. Consequently, the terms of the company's directors, members of the board's specialized committees, senior management, and the supervisory board will be extended accordingly.

During this interim period, all current members of the tenth board, its specialized committees, and senior management, as well as the tenth supervisory board, will continue to fulfill their duties and responsibilities. The company asserts that this deferral will not disrupt normal operations or cause any independent director's tenure to exceed six years, and it will actively progress with the board re-election and supervisory board abolition while ensuring timely information disclosure.