Announcement of Baosteel CRGO Price in January 2020

On 10 December 2019, Marketing Center of Baosteel announced the price adjustment as following (price is not included the tax unless otherwise specified):

i. Non-oriented electrical steel / Non-oriented Silicon Steel(Baoshan, Qingshan, Dongshan) : The basic price of high and medium low grades part number raised RMB100 per ton, the others remain unchanged.

ii. Oriented Electrical Steel / Grain-oriented Silicon Steel: The basic price of Baoshan, Qingshan remain unchanged.

The price adjustment notice will be effective from the date of announcement.

The interpretation right of this price adjustment notice belongs to the Marketing Center of Baoshan Iron and Steel Co., Ltd. (Baosteel International)