Angang Steel board approves internal control plan, fund management revisions

Angang Steel's board of directors, at its fourth meeting on December 23, 2025, approved three key proposals. The first, passed unanimously, concerned the revision of the "Angang Steel Company Limited Rules on Management of Rules and Regulations." This revision aligns with national strategies to enhance the modern enterprise system and addresses current company practices.

The second resolution, also unanimously approved, was the "Angang Steel Company Limited 2025 Internal Control Evaluation Work Plan." This plan aims to comprehensively assess the design and operation of internal controls, further strengthening the internal control system and oversight quality. Additionally, the board unanimously passed the "Revision to the Angang Steel Company Limited Measures for the Administration of the Use of Raised Funds." This update streamlines governance and internal control over raised funds, adhering to current regulatory guidelines from the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

The revised "Measures for the Administration of the Use of Raised Funds" (2025 Revision) outlines detailed provisions for the storage, use, and oversight of funds obtained through stock issuance or other equity-like securities. It mandates the establishment of special accounts, strict adherence to approved uses, and specific procedures for cash management, temporary capital replenishment, and project changes, all while emphasizing the protection of investor rights.