Shagang adjusts accounting policies to align with new standards

Jiangsu Shagang Co., Ltd. (SZSE:002075) announced revisions to its accounting policies effective January 1, 2024, in accordance with interpretations No. 17 and No. 18 issued by the Ministry of Finance of the People's Republic of China. These changes address classifications of liabilities, supplier financing arrangements, and accounting for sale and repurchase transactions, as well as guarantee-related estimated liabilities. Shagang states that these adjustments will not have a significant impact on the company's financial position, operating results, or cash flows, nor will they harm the interests of the company and its shareholders. The company will continue to adhere to the basic standards of enterprise accounting and other relevant regulations.