Jiangsu Shagang shareholders approve governance, related-party transaction changes

Jiangsu Shagang Co., Ltd. announced that its second extraordinary general meeting of shareholders in 2025, held on November 18, 2025, successfully passed all proposed resolutions. The meeting saw an attendance of 268 shareholders and proxies, representing 638,397,799 shares or 29.0998% of the company's voting shares. Notably, there were no rejected proposals.

Shareholders approved proposals to revise the company's Articles of Association, the Rules of Procedure for the Board of Directors, and the Rules of Procedure for Shareholders' Meetings, with all receiving over two-thirds of the votes. For instance, the revision to the Articles of Association garnered 99.6622% approval, representing 636,241,359 votes in favor. Other significant approvals included the abolishment of the Rules of Procedure for the Supervisory Board and revisions to the Independent Director System, External Guarantee Management System, Cumulative Voting System, Fund Management System, and Related Party Transaction Management System.

Additionally, shareholders approved the adjustment of the estimated daily related-party transactions for 2025. This resolution passed with 95.6986% of the votes from non-affiliated shareholders. Jiangsu Shagang Group Co., Ltd., as the controlling shareholder, abstained from voting on this particular resolution.