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Annual Report, and Severally and Jointly Warrant and Undertake for the Truthfulness, Accuracy, and Completeness of the Contents of This Annual Report

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Annual Report, and Severally and Jointly Warrant and Undertake for the Truthfulness, Accuracy, and Completeness of the Contents of This Annual Report 2 Contents I. Corporate Profile 2 II. Financial and Business Highlights 6 III. Chairman’s Statement 12 IV. Movement in Share Capital and Shareholders’ Profile 20 V. Details of Shareholders’ General Meeting 28 VI. Particulars of Directors, Supervisors and Senior Management 29 VII. Report of the Directors 34 VIII. Report of the Supervisory Committee 47 IX. Management Discussion and Analysis 49 X. Corporate Governance 62 XI. Significant Events 72 XII. Annual General Meeting 84 XIII. Financial Statements (Prepared in accordance with Accounting Standards for Business Enterprises in the PRC) 85 (Prepared in accordance with the International Financial Reporting Standards) 205 XIV. Other Relevant Corporate Information 271 XV. Documents Available for Inspection 272 Corporate Profile The board of directors (the “Board”), Supervisory Committee (“Supervisory Committee”), the directors (the “Directors”), the supervisors (the “Supervisors”) and the senior management of Angang Steel Company Limited (the “Company”) confirm that there is no false representation or misleading statement contained in, or material omission from this annual report, and severally and jointly warrant and undertake for the truthfulness, accuracy, and completeness of the contents of this annual report. Mr. Zhang Xiaogang, the Company’s Chairman of the Board, and Ma Lianyong, Chief Accountant and Head of the Planning and Finance Department (計劃財務部), confirm that the financial statements in this annual report are true and complete. The Board of the Company is pleased to announce the annual results of the Company and the subsidiaries of the Company (collectively, the “Group”) for the year ended 31 December 2008. CORPORATE PROFILE The Company is a joint stock limited company incorporated on 8 May 1997 with Anshan Iron and Steel Group Complex (“Angang Holding”) as its sole promoter. Pursuant to the reorganisation of Angang Holding and the Company, Angang Holding transferred the Cold Roll Plant, Wire Rod Plant and Thick Plate Plant to the Company by Angang Holding. The three plants had a net asset value of Rmb2,028,817,600 as determined by the State-owned Assets Administration Bureau, and 1,319,000,000 domestic state- owned legal person shares with a par value of Rmb1 each were issued to Angang Holding as consideration for these plants. On 22 July 1997, the Company issued 890,000,000 H shares at HK$1.63 per share which were listed on The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”) on 24 July 1997. The Company subsequently issued 300,000,000 A shares at Rmb3.90 per share on 16 November 1997, of which 285,505,400 shares were offered to the public and 14,494,600 shares were issued to the employees of the Company. Trading of the 285,505,400 shares offered and issued to the domestic shareholders, and the 14,494,600 employees’ shares issued to the employees of the Company commenced on the Shenzhen Stock Exchange on 25 December 1997 and 26 June 1998, respectively. 2 T 2008 y Limited ANNUAL REPOR Angang Steel Compan Corporate Profile (Continued) CORPORATE PROFILE (continued) On 15 March 2000, the Company issued A share convertible debentures amounting to Rmb1.5 billion in the People’s Republic of China (the “PRC”). On 14 March 2005, the Company paid the principal and interest accrued for the A share convertible debentures upon their maturity, and trading in and conversion of A share convertible debentures ended on the same day. As of the date of maturity, total of 453,985,697 A shares were converted from the convertible debentures of the Company. On 26 January 2006, the Company issued 2,970,000,000 A shares at Rmb4.29 per share to Angang Holding as partial payment of the consideration for the acquisition of 100% share capital of Angang New Steel and Iron Company Limited (“ANSI”). The registration for custody of such shares at Shenzhen Branch of China Securities Registration and Clearing Corporate Limited completed on 23 February 2006 and they will not be traded or transferred within 36 months starting from 23 February 2006. The total number of shares of the Company increased to 5,932,985,697 following the issue of new shares. On 20 June 2006, it was approved by the annual shareholder meeting of the Company for the year 2005 to change the Chinese name of the Company from “鞍鋼新軋鋼股份有限公司” to “鞍鋼股份 有限公司”, and Chinese short name was changed to “鞍鋼股份” from “鞍鋼新軋”. The English name was changed from “Angang New Steel Company Limited” to “Angang Steel Company Limited”, while the English short name was changed to “Ansteel” from “Angang New Steel”. On 29 September 2006, the Company obtained its new “Business License for Enterprise Legal Person” reflecting such change of name. 3 y Limited ANNUAL REPORT 2008 ANNUAL REPORT Angang Steel Compan Corporate Profile (Continued) CORPORATE PROFILE (continued) In December 2005, the Company implemented the non-tradable shares reform, pursuant to which Angang Holding, the holder of the non-tradable shares of the Company, offered 2.5 A shares and 1.5 “鞍鋼 JTC1” share warrants for every 10 shares held by the registered holders of tradable A shares on the record date for the non-tradable shares reform, and Angang Holding offered a total of 188,496,424 A shares and 113,097,855 “鞍鋼JTC1” share warrants to other holders of A shares. The “鞍鋼JTC1” share warrants expired in December 2006. A total of 110,601,666 share warrants were exercised, as a result of which Angang Holding transferred 110,601,666 shares to the other holders of A shares at Rmb3.386 per share. The “鞍鋼JTC1” warrants which were not exercised on the date of expiry were cancelled thereafter. Following the exercise of such warrants, the total number of shares of the Company remained unchanged, comprising 3,989,901,910 A shares held by Angang Holding, 1,053,083,787 A shares held by the other A shareholders and 890,000,000 H shares held by the H shareholders. During 2007, the Company issued rights shares on the basis of 2.2 rights shares for every 10 existing shares to all the shareholders of the Company. From 10 October to 16 October 2007, the Company issued 1,106,022,150 domestic rights shares to A share shareholders of the Company at the price of Rmb15.4 per share, including issuance of 228,240,496 shares to holders of shares not subject to trading moratorium and issuance of 877,781,654 shares to holders of shares subject to trading moratorium. Such newly issued domestic rights shares were approved to be listed on the Shenzhen Stock Exchange on 25 October 2007. From 22 October to 5 November 2007, the Company issued 195,800,000 H rights shares to H shareholders of the Company at a price of HK$15.91 per share (equivalent to Rmb15.4 per share according to the then exchange rate). Such newly issued H rights shares were approved to be listed on the Hong Kong Stock Exchange on 14 November 2007. Upon completion of rights issue, the total number of shares of the Company amounted to 7,234,807,847 shares, of which 4,867,680,330 shares were held by Angang Holding, 1,281,327,517 shares were held by other A shareholders and 1,085,800,000 shares were held by H shareholders. The Company’s principal activities include production and sale of steel products such as hot rolled sheets, cold rolled sheets, galvanized steel sheets, colour coating plates, silicon steel, moderately thick plates, 4 wire rods, large steel products and seamless steel pipes. These products are widely used in industries such as automobile, construction, ship-building, home electrical appliances, railway construction and manufacture of pipelines. The Company’s products are very competitive in the domestic and foreign markets and its equipment is of an advanced standard in the PRC. T 2008 y Limited ANNUAL REPOR Angang Steel Compan Corporate Profile (Continued) CORPORATE PROFILE (continued) 1. Legal Name of the Company: (in Chinese): 鞍鋼股份有限公司 (in English): ANGANG STEEL COMPANY LIMITED 2. Legal Representative of the Company: Zhang Xiaogang 3. Company Secretary: Fu Jihui Company Address: 1 Qianshan Road West, Qianshan District, Anshan City, Liaoning Province, the PRC Telephone: 86-412-8417273 86-412-8419192 Fax: 86-412-6727772 4. Registered Address of the Company: Production Area of Angang Steel Tie Xi District, Anshan City, Liaoning Province, the PRC Postal Code: 114021 Website: http://www.ansteel.com.cn E-mail Address: [email protected] 5. Company’s Annual Report available at: Secretarial office of the Board of Directors of the Company Website for Disclosure of http://www.hkex.com.hk and Information in Hong Kong: http://angang.wspr.com.hk Website for Publication of Annual Report http://www.cninfo.com.cn Stock Exchange Listings: A shares: Shenzhen Stock Exchange H shares: The Stock Exchange of Hong Kong Limited Abbreviations: A shares: Angang Steel 5 H shares: Angang Steel Stock Code: A shares: 000898 H shares: 0347 y Limited ANNUAL REPORT 2008 ANNUAL REPORT Angang Steel Compan Financial and Business Highlights PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRSs”) Unit: Rmb million 2007 2006 Before After Before After 2008 adjustment adjustment adjustment adjustment Turnover 78,985 65,294 65,294 54,596 54,283 Profit before tax 3,847 10,382 10,382 9,387 9,388 Income tax expense 854 2,848 2,848 2,293 2,294 Profit for the year attributable to equity shareholders of the Company 2,993 7,534 7,534 7,094 7,094 Total assets 94,826 87,381 87,381 58,936 58,513 Total liabilities 41,855 33,254 33,254 28,935 28,512 Total equity attributable to equity shareholders of the Company 52,971 54,127 54,127 30,001 30,001 Net assets per share (Rmb) 7.32 7.48 7.48 5.06 5.06 Earnings per share (basic) (Rmb) 0.414 1.121 1.121 1.196 1.074 Return on net assets (%) 5.65 13.92 13.92 23.65 23.65 Financial and Business Highlights (Continued) PREPARED IN ACCORDANCE WITH THE ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES IN THE PRC (“PRC GAAP”) 1.
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