12:16     ANGANG NEWSTEEL<00347> - Announcement (1)                           

    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.                   
                                                                              
    This Announcement is for information purposes only and does not           
    constitute an invitation or offer to acquire, purchase or subscribe       
    for the securities mentioned herein.                                      
                                                                              
                                                                              
    Angang New Steel Company Limited                                          
    (a joint stock limited company incorporated in the People's Republic      
    of China with limited liability)                                          
                                                                              
    (Stock Code: 0347)                                                        
                                                                              
    Proposed Amendments to the Articles of Association                        
                                                                              
    Proposed Appointment of Independent Non-Executive Director                
                                                                              
                                                                              
                                                                              
    The Board passed resolutions on 16 March 2005, among other things,        
    proposing to (i) amend the relevant provisions of the Articles of         
    Association of the Company in order to comply with the provisions         
    under Certain Rules in Respect of the Strengthening of the Protection     
    of the Interests of the Public Shareholders issued by China Securities    
    Regulatory Committee and the Rules Governing the Listing of the Stocks    
    (amended in 2004) of Shenzhen Stock Exchange; and (ii) appoint Ms.Wang    
    Xiaobin as an independent non-executive director of the Company.          
                                                                              
    The proposed amendments to the articles of association are subject to     
    the approval of the shareholders of the Company by way of special         
    resolutions and approval and/or endorsement on registration as may be     
    necessary by the relevant PRC authorities.                                
                                                                              
    The proposed appointment of Ms. Wang Xiaobin as an independent non        
    -executive director of the Company is subject to the approval of the      
    shareholders of the Company by way of ordinary resolution.                
                                                                              
    The board of the directors (the "Board") of Angang New Steel Company      
    Limited (the "Company") passed resolutions on 16 March 2005, among        
    other things, proposing to (i) amend the relevant provisions of the       
    Articles of Association of the Company (the "Articles of Association")    
    in order to comply with provisions under Certain Rules in Respect of      
    the Strengthening of the Protection of the Interests of the Social        
    Public Shareholders issued by China Securities Regulatory Committee       
    and the Rules Governing the Listing of the Stocks (amended in 2004) of    
    Shenzhen Stock Exchange; and (ii) appoint Ms. Wang Xiaobin as             
    independent non-executive director of the Company.                        
                                                                              
    Proposed Amendments to the Articles of Association                        
                                                                              
    The proposed amendments to the Articles of Association (collectively      
    the "Proposed Amendments") are as follows:                                
                                                                              
    1. THAT Article 17 of the Articles of Association is proposed to be       
    amended as follows:                                                       
                                                                              
    (i) paragraph 3 and 4 of Article 17 to be deleted in their entirety;      
                                                                              
    (ii) a new paragraph 3 of Article 17 to be inserted after the existing    
    paragraph 2 as follows:                                                   
                                                                              
    "Upon the conversion of convertible debentures of the Company into A      
    Shares, the share capital structure of the Company shall be:              
    2,962,985,697 ordinary shares, of which, 1,319,000,000 shares are held    
    by Anshan Iron & Steel Group Complex in the form of state-owned           
    shares, representing 44.5% of the total share capital of the Company;     
    890,000,000 shares are held by foreign shareholders in the form of H      
    shares, representing 30.0% of the total share capital of the Company;     
    and 753,985,697 shares are held by domestic shareholders in the form      
    of domestic listed shares, representing 25.5% of the total share          
    capital of the Company."                                                  
                                                                              
    2. Article 20 of the Articles of Association is proposed to be amended    
    and restated in its entirety as follows:                                  
                                                                              
    "The registered capital of the Company shall be Rmb 2,962,985,697."       
                                                                              
    3. The following paragraph is proposed to be inserted after paragraph