Shanxi Taigang Stainless Steel board re-election and governance changes set

Shanxi Taigang Stainless Steel announced the re-election of its tenth board of directors, comprising 11 members: 6 non-independent, 1 employee representative, and 4 independent directors. The current ninth board's term ends on October 18, 2025, with the new board's three-year term beginning after shareholder approval at the second extraordinary general meeting on December 19, 2025. This meeting will also address revisions to the company's articles of association and governance structure, including eliminating the supervisory board and expanding the audit committee's responsibilities, in alignment with new company law.

The company will also continue its financial services and raw material supply agreements with China Baowu Steel Group's finance company and Taiyuan Iron & Steel (Group) Co., Ltd. The projected 2026 value for these related party transactions is estimated at yuan 92 bn for raw materials and yuan 12 bn for financial services, which will be subject to shareholder approval. The board re-election and related party transactions were approved by the board of directors and independent directors.

The board composition includes Wu Xiaodi as chairman and Li Hua as vice chairman, alongside other non-independent directors and four independent directors (Liu Xinquan, Wang Jianhua, Wang Dongsheng, and Zhang Qisheng). All meet the necessary qualifications and have obtained independent director certificates.