Sinosteel Engineering & Technology updates governance and approves related-party deals

Sinosteel Engineering & Technology’s board of directors approved several key resolutions at its thirteenth meeting on December 10, 2025. These include revisions to the "Independent Director Work System," "Shareholder Meeting Online Voting Implementation Rules," "Fundraising Management System," "Related Party Transaction Management Measures," and "Cash Dividend Management System." The board also approved a new "Accounting Management System" and abolished the "Cumulative Voting System Implementation Rules." These revisions aim to enhance corporate governance and compliance.

The board further approved new and ongoing related-party transactions for 2025 and 2026. The company will purchase directors' and officers' liability insurance for its directors, senior management, and other relevant entities, with a cumulative compensation limit of 100 million yuan per year. Additionally, the company will renew a "Financial Services Agreement" with Baowu Group Finance Co., Ltd., and apply for a comprehensive credit line of up to 2 billion yuan.

The proposed revisions to several internal management systems and the purchasing of directors' and officers' liability insurance will be submitted to the general meeting of shareholders for approval. All related-party transactions have been reviewed and approved by independent directors, with relevant directors abstaining from voting where conflicts of interest exist.