Baowu Group intends to become the actual controller of Chongqing Iron and Steel.

On December 27, 2019, Chongqing Iron and Steel Company Limited received a notice from Siyuanhe Equity Investment Management Co., Ltd., the actual controller of the company, that Siyuanhe Investment signed a Letter of Intent with China Baowu Iron and Steel Group Co., Ltd. , and that Baowu Group intends to become the actual controller of the company.