09:04     SHOUGANG CENT<00103> - Announcement                                 

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
    SHOUGANG CONCORD CENTURY HOLDINGS LIMITED                                 
    (Incorporated in Hong Kong with limited liability)                        
                                                                              
    PROPOSED REDUCTION OF SHARE PREMIUM ACCOUNT                               
    TO ELIMINATE ACCUMULATED LOSS                                             
                                                                              
    The Board refers to the announcement of the Company dated 4 December      
    2002 and the circular of the Company dated 23 December 2002 and is        
    pleased to announce that the special resolution to approve the Share      
    Premium Reduction was duly passed at the EGM held on 23 January 2003.     
                                                                              
    The Board will take appropriate actions to implement the Share            
    Premium Reduction. A further announcement will be made by the             
    Company when the Share Premium Reduction becomes effective.               
                                                                              
    Capitalised terms used in this announcement, unless the context           
    otherwise requires, have the same meanings as defined in the              
    Company's announcement dated 4 December 2002 (the "Announcement").        
                                                                              
    The Board refers to the Announcement and the circular of the Company      
    dated 23 December 2002, both in relation to the proposed Share            
    Premium Reduction, and is pleased to announce that the special            
    resolution to approve the Share Premium Reduction was duly passed at      
    the EGM held on 23 January 2003.                                          
                                                                              
    Pursuant to the special resolution passed at the EGM, among other         
    matters, the Board has been granted with an authority to do or            
    procure to be done on behalf of the Company all such things to            
    effect and implement the Share Premium Reduction. Accordingly, the        
    Board will take appropriate actions to implement the Share Premium        
    Reduction.                                                                
                                                                              
    A further announcement will be made by the Company when the Share         
    Premium Reduction becomes effective.                                      
                                                                              
    By Order of the Board                                                     
    Tong Yihui                                                                
    Managing Director                                                         
                                                                              
    Hong Kong, 23 January 2003