Angang Steel Company Limited announced that its board approved a change in accounting policies on 30 March 2026 to comply with guidance issued by China’s Ministry of Finance (MOF) in July 2025 concerning standard warehouse receipt transactions.

The new policy, effective retroactively from 1 January 2025, requires frequent purchase-and-sale contracts for standard warehouse receipts on futures venues to be treated as financial instruments. Any resale of receipts within a short period will now be booked as investment income rather than sales revenue, while unsold receipts at period-end will be recorded under other current assets.

All other existing accounting practices remain governed by the Accounting Standards for Business Enterprises.

Management stated that the policy change has no significant effect on the Group’s financial position, operating results or cash flows. The Audit and Risk Committee concurred, and the board resolution passed unanimously with eight votes in favour and none against or abstaining.

The adjustment is presented as fully compliant with PRC regulations and is considered non-prejudicial to shareholder interests.