Super heavy! Baowu Iron and Steel will build 20 million tons of steel base in Yancheng! Including 7 million tons of Meigang relocation!
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Baoshan Iron and Steel Co., Ltd.. Notice on the Strategic Cooperation Agreement signed by the controlling shareholders
The board of directors and all the directors of the company guarantee that there are no false records, misleading statements or major omissions in the content of this bulletin, and shall bear individual and joint liability for the authenticity, accuracy and completeness of the content.
Baoshan Iron and Steel Co., Ltd.(hereinafter referred to as "Baosteel Shares" or "Company") received a notice from the controlling shareholder China Baowu Iron and Steel Group Co., Ltd.(hereinafter referred to as "China Baowu"). On November 30, 2018, China Baowu signed the "Strategic Cooperation Agreement" with the People's Government of Jiangsu Province, the People's Government of Nanjing City, and the People's Government of Yancheng City. The relevant content of the agreement relates to Baosteel shares. The relevant circumstances are hereby announced as follows:
Basic Status of the Signing of Strategic Cooperation Agreements
In order to accelerate the transformation and upgrading of the steel industry in Jiangsu Province and optimize the space layout, all parties to the agreement agreed to establish long-term strategic cooperation and reach a framework agreement. The cooperation between the parties to the agreement follows the existing laws, regulations, regulatory regulations, and industrial and industrial policies of the country. It involves the contents of listed companies under China's Baowu. Before the specific implementation, it is necessary to perform the examination and approval procedures for listed companies, and the results of the examination and approval of listed companies shall prevail.
Key elements of a strategic cooperation agreement
1. In accordance with the principle of "overall planning, step-by-step implementation, industrial adjustment, and market leadership", we will jointly promote the industrial transfer and transformation of China's Baowu Meigang region(including mining areas, the same below) and promote the transfer of the steel industry to the coast of Jiangsu.
2. According to the transformation and upgrading plan of the steel industry along the river in Jiangsu province and Nanjing city, this paper studies and formulates the plans for the industrial transfer and construction of new base in meigang area. Strive to use ten years to the end of 2028, steel smelting production capacity will gradually move out of Nanjing(based on the premise that the shareholders of the companies involved will perform the corresponding approval process); Layout emerging industries, build new industrial cities, and realize the transformation and upgrading of Meigang.
3. We will vigorously promote the construction of a green quality steel base in Baowu Salt City and promote all-round and diversified cooperation between the two sides in areas such as steel bases, urban construction, port terminals, logistics and transportation, and scientific and technological innovation.
The two sides jointly set up a 20-million-ton quality steel project in the Binhai Port Industrial Park of Yancheng City, strengthened investment and cooperation in Hong Kong production, ports, port cities and other fields, and took active measures to implement related matters and coordinated the landing of projects.
The quality steel project is planned once and implemented in stages. The first phase of the project has a production capacity of 8 to 10 million tons and an investment of 50 billion yuan. It plans to start work related to project construction in 2019 and complete project construction within three years or so on the premise of completing the project record approval. A full-process iron and steel joint enterprise integrating wharves, coking, and gas use integrated generator sets, sintering, ironmaking, steelmaking, and rolling is built. China Baowu gives priority to investment in the project by Baoshan Iron and Steel Co., Ltd., a subsidiary of the flagship steel company.
III. Impact on listed companies
1. The strategic cooperation agreement is still in its initial stage and is not expected to have a significant impact on the company's 2018 performance.
2. The construction of the project involves a large amount of funds. In the future, the company will use its own cash and financing to solve the funds needed for the construction of the project.
Significant risk indications
1. The relevant content of the agreement involves the company. At present, no detailed feasibility demonstration of the project and the actual implementation of the investment project have been carried out. Before the concrete implementation, it is necessary to conduct a detailed feasibility demonstration, and it must perform the examination and approval process of the listed company, and the results of the examination and approval of the listed company shall prevail.
2. In addition to the production capacity transfer of about 7 million tons from the Meigang region, relevant production capacity indicators also need to be coordinated by China Baowu's internal development and structural optimization to bring about the transfer of steel production capacity, as well as steel production capacity indicators obtained through other legal means.
3. The construction of the project must be approved by the state and the relevant departments of Jiangsu Province.
4. The above agreement is a framework document, and the specific matters and rights and obligations are subject to the relevant legal documents that are finally signed.
The company will pay close attention to all subsequent developments involved in the agreement and strictly comply with the relevant regulations to comply with the company's decision approval procedures and information disclosure obligations. Please pay attention to investment risk.
This announcement is hereby made.
Baoshan Steel Co., Ltd.. Board of Directors
1 December 2018
