Xu Siwei Went to the Affiliates in Algeria, Morocco and UAE for Investigations

In order to further promote the implementation of the Group's industrial internationalization strategy, help Sinosteel deepen and consolidate the market along "Belt and Road", consolidate and expand Sinosteel's business in Algeria, Morocco, UAE and other countries, Xu Siwei, Chairman of the Group went to the affiliates in Algeria, Morocco and UAE for investigations from May 6 to May 14, and went deep into the project site for investigation, and deepened the cooperation with overseas customers. Sha Ming, Hu Yiguang, Hong Shuikun and Gu Suqin, External Directors of Sinosteel and Lu Pengcheng, Vice General Manager of Sinosteel participated in the survey.

On May 6, after Chairman Xu and his delegation arrived at Oran, Algeria after a long flight of nearly 20 hours, he and his delegation held a symposium with the team of Sinosteel in Algeria and listened to the report on the progress of TOSYALI project of Sinosteel and the party construction of the overseas enterprises. Chairman Xu and his delegation fully affirmed the efforts made by Sinosteel's team in Algeria to overcome difficulties, complete the requirements of the project to reach the design capacity and put into operation on time and with high quality, and win high praise from the owner and the local government. He also stated that, as the first comprehensive engineering general contracting project signed by Sinosteel in Africa, TOSYALI project had made positive contributions to the improvement of Sinosteel's overseas engineering general contracting strength and the promotion of the national "Belt and Road" construction and international capacity cooperation. As for the next step, Chairman Xu pointed out that, the first thing was to further strengthen the work of overseas party building and take the party building as important productivity to publicize the working requirements and important spirits of the Group actively. Second, the Company should adhere to the principle of mutual benefit, establish good relations with local communities and people, abide by the local laws strictly, take the initiative to serve the communities and make contributions to local economic development. Third, it is to strengthen the care for the overseas employees. Also, the Group shall strengthen the security measures to ensure the expatriate staff during the Algerian election. Meanwhile, the Group should care for the lives of the employees and improve the quality of their lives abroad. Fourth, it is to strengthen the communications with the Chinese embassy in Algeria and Commercial Counselor's Office, participate in the activities of the Chinese embassy in Algeria actively, and make regular work reports to obtain its support. On May 7, Chairman Xu and his delegation met the management of TOSYALI Group, and visited the project site of the 2.3 million tons of integrated steel mill, understood the progress of steel-making, direct reduction of iron, pellets and other projects in TOSYALI under the accompany of the owner. Both sides stated that, they would continue to deepen the mutually beneficial and friendly cooperation, promote cooperation on Phase III of the TOSYALI project to realize the mutually beneficial and win-win development.

In order to further promote the business development of Sinosteel in Morocco, Chairman Xu and his delegation flew to Morocco on May 8. During their stay in Morocco, they met with HIMVEST Group, Attijariwafa Bank (the first largest bank in Morocco), SONASID Group and the District Mayor of Marrakech, etc., and made in-depth understanding of local politics, economy, investment policies and industrial markets in Morocco. During the meeting, Chairman Xu discussed the feasibility of business cooperation in mining development, trade in equipment and components, supply of metallurgical raw materials, etc. with HIMVEST Group; communicated with Attijariwafa Bank about local investment and financial policies; reached agreement with SONASID Group on practical cooperation in the supply of equipment and components; had in-depth communication with the District Mayor of Marrakech about the local mineral resource investment and foreign investment preferential policies, etc. The local government, enterprises and financial institutions all expressed their willingness to further enhance their exchanges with Sinosteel, provide support and services for the investment and business development of Sinosteel in Morocco actively, so as to seek cooperation opportunities jointly. During the stay, Chairman Xu and his delegation also made a special trip to investigate the project site of SONASID steel plant, and got a detailed understanding of the production and operation, technology of the steel plant as well as port transportation and others, and conducted detailed consultations on relevant cooperation.

On May 11, Chairman Xu and his delegation went to Dubai, UAE to investigate SAMCHROME, and got a detailed understanding of the enterprise architecture, procurement channels, financing, logistics and product sales of SAMCHROME, etc., as well as the operation of SAMANCOR in the first quarter. Chairman Xu pointed out that, the Company should study and judge the trend of ferrochrome markets, make further plan and coordinate the production and marketing as well as production scheduling in light of the demand and supply situation of the ferrochrome capacity in the global market and the changing trend of domestic ferrochrome capacity.

The heads from the office of the board of directors and Sinosteel's international projects accompanied the investigation.


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