Baosteel Ltd. 2005 Shareholders' Meeting Held in Beijing

On the morning of 17th May 2006, Baoshan Iron & Steel Co., Ltd. 2005 Shareholders' Meeting was held in Beijing. President of the Board Xie Qihua presided at the meeting. In the meeting, Xu Lejiang, Ouyang Yingpeng, Ai Baojun, Li Haiping, He Wenbo, Wu Yaowen, Laura Cha (Shi Meilun), Buck Pei (Bei Kewei), Zeng Jingxuan, Sun Haiming and Xie Zuchi were elected directors of the 3rd Board of Directors of Baosteel Ltd.

, among them Laura Cha (Shi Meilun), Buck Pei (Bei Kewei), Zeng Jingxuan, Sun Haiming and Xie Zuchi are independent directors of the Board. Li Li, Zhou Zhuping and Zhong Yongqun were elected supervisors of the 3rd Board of Supervisors. Before that, the workers' representatives special topics meeting elected Liu An and Han Guojun worker supervisors of the 3rd Board of Supervisors.

In the first session of the 3rd Board of Directors of Baosteel Ltd. held on the afternoon of 17th May, Xu Lejiang was elected president of the 3rd Board of Directors of Baosteel Ltd., and Ouyang Yingpeng was elected vice president of Board of Directors of Baosteel Ltd. In the first session of the 3rd Board of Supervisors of Baosteel Ltd.

held on the afternoon of 17th May, Li Li was elected president of the 3rd Board of Supervisors of Baosteel Ltd.