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SASAC agreed to implement the joint reorganization of Baosteel Group and Wuhan Iron and Steel.

Baosteel Group Co., Ltd. and Wuhan Iron and Steel (Group) Company have received the State-owned Assets Supervision and Administration Commission of the State Council on September 22, 2016, and Xinjiang Ba Yi Iron & Steel Co., Ltd. (hereinafter referred to as the Company) received actual notice from Baosteel Group Co., (The "Board") of Baosteel Group Co., Ltd. and Wuhan Iron and Steel (Group) Co., Ltd., and agreed to implement the joint reorganization with Baosteel Group Co., Ltd. and Wuhan Iron and Steel (Group) Company. Baosteel Group Co., Ltd. changed its name to China Baowe Iron and Steel Group Co., Ltd., as the parent company after restructuring, Wuhan Iron and Steel (Group) Company as a whole, free of charge into its wholly-owned subsidiary.
After the reorganization, the relationship between the Company and the controlling shareholder and the actual controller has not changed.
The implementation of this reorganization still need to meet the relevant conditions, there is a certain degree of uncertainty, please investors pay attention to investment risk. The Company will continue to fulfill the obligation of information disclosure in accordance with the relevant laws, regulations and regulatory documents and timely disclose the follow-up progress.
Special announcement.
Xinjiang Bayi Iron and Steel Company Limited Board of Directors.
September 23, 2016.

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