Maanshan Iron & Steel Company Limited (the 「Company,」 stock code: 00323) recently held its 46th meeting of the tenth session of the board of directors and the 32nd meeting of the tenth session of the supervisory committee on October 30, 2025. During these meetings, a proposal was approved to amend the Company’s Articles of Association and associated appendices, alongside a plan to abolish the supervisory committee.

According to the published materials, the proposed amendments primarily involve restructuring corporate governance. The supervisory committee’s functions and powers, previously responsible for oversight, will be absorbed by the newly established Audit and Compliance Committee under the Board of Directors. This committee will oversee internal and external audits, financial disclosures, risk management, and compliance. The proposed changes also clarify the roles of directors, outline adjustments to procedures on shareholder meetings, and expand the responsibilities of the Board of Directors.

Additionally, references to relevant sections indicate revisions to chapters pertaining to shareholders’ rights, board authorities, external guarantees, and internal audit systems. The revised documents emphasize compliance obligations for the Company’s senior management, focusing on enhancing corporate transparency and legal compliance frameworks.

The complete text of the proposals outlines specific updates—such as removing requirements related to a supervisory committee, refining the internal control review process, and adjusting detailed procedures for meetings of both shareholders and directors. The notice confirms that these proposed revisions will be presented for consideration by shareholders as a special resolution at an extraordinary general meeting scheduled in 2025. If approved, the changes will become legally binding after the required filings with market regulators.

A detailed circular, together with the final text of the proposed amendments and the board’s recommendation, is expected to be dispatched to shareholders in due course. The Company indicates that voting on these changes will follow prescribed meeting and disclosure procedures, ensuring clarity and maintaining shareholder interests throughout the process.