On 30 October 2025, Maanshan Iron & Steel Company Limited (00323) convened its 46th meeting of the tenth session of the board of directors at the Magang Office Building. All five eligible directors attended in person, with the meeting presided over by Chairman Jiang Yuxiang.

At the meeting, the board approved the unaudited third quarterly financial report and the third quarterly report for 2025, both of which had been reviewed by the company’s Audit Committee. The board also passed resolutions on amendments to the Articles of Association and its appendices, along with the abolition of the supervisory committee. These changes will be submitted for deliberation at the upcoming general meeting.

Additionally, the board consented to the proposed change of accounting firm for 2025, which will also require approval at the general meeting. Furthermore, the board canceled the financing guarantee of up to RMB3 billion previously extended to Ma Steel (Hong Kong) Company Limited. This facility had never been used, and the subsidiary’s gearing ratio stood at 15.85% as of September 2025, with current cash flow deemed sufficient.