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The 6th meeting of the 15th Board of Directors of China Steel Corporation (CSC) was held on March 21, 2014. Major items of the agenda adopted were:
無標題文件 1. Appropriation of distributable earnings for 2013
CSC’s distributable earnings for 2013 are NT$14,584 million. Dividends will be appropriated according to CSC's Articles of Incorporation. In addition to the appropriation of distributable earnings for compensation to directors and supervisors and bonus to employees, a suggestion was made in the meeting to appropriate NT$1.4 per share (stock dividend NT$0.2 and cash dividend NT$1.2) for dividends of preferred stocks and NT$0.9 per share (stock dividend NT$0.2 and cash dividend NT$0.7) for common stocks. The above resolution will be proposed at stockholders’ meeting on June 18, 2014.

2. Capital increase from earnings in 2013 for the Issuance of Common Stocks

The meeting resolved to appropriate NT$3,092,770,390 from the distributable earnings in 2013 as a capital increase for replenishment of CSC’s working capital. 309,277,039 common shares with NT$10 par value will be issued in one time. The rights and obligations of new shares are the same as current common shares.

3. Equipment Revamp for Reduction of Effluent Ammonia Nitrogen (NH3-N) in CSC
CSC plans to revamp the pertinent equipment of Coal Chemical plant and Biological Wastewater Treatment plant in order to meet the Chemical Industry Effluent Standards promulgated by Environmental Protection Administration, Executive Yuan, R.O.C
. (Taiwan) on January 22, 2014. The project will commence in April 2014 and is scheduled to test run for completion in September 2017. Besides, the closing work including the remove of old equipment will be done from October 2017 to June 2018. After this project completes, not only the ammonia nitrogen concentration of effluent water can be reduced to below 20ppm to meet the new effluent standards, but also 1,328 kilograms of ammonia nitrogen (NH3-N) of effluent can be reduced per day to improve the environmental quality effectively and fulfill CSC’s social responsibilities.

4. Change of Shareholding Structure of Formosa Ha Tinh Steel Corporation
In 2000, the board meeting approved to invest in 5% ownership of Formosa Ha Tinh Steel Corporation (FHTSC). In order to introduce strategic investors and plan the employee allocation, FHTSC will adjust its shareholding structure from shareholders’ direct investment to indirect holding through the establishment of Formosa Ha Tinh (Cayman) Limited (temporary name) to invest FHTSC. For meeting the above said adjusted shareholding structure, CSC will also change its direct investment in FHTSC to indirect investment through its investment in China Steel Asia Pacific Holdings Pte. Ltd. to hold the shares in FHTSC.

5. Investment in the East China Coil Center in Kunshan City, Jiangsu Province
In order to expand sales channels for steel products and establish the sales bases in East China, CSC will establish the Shearing Process and Distribution Center in Kunshan City, Jiangsu Province through China Steel Asia Pacific Holdings Pte. Ltd. in Singapore. Planned investment amount will be US$12.848 million with 80% ownership in the Center.

6. Date and venue for CSC's 2014 shareholders' meeting
Date: June 18, 2014 (Wednesday) 9:00 a.m.

Venue: CSC Auditorium (1, Chung Kang Road, Hsiao Kang District, Kaohsiung, Taiwan)
Date and place for accepting stockholders’ draft resolutions and candidate nomination of directors and supervisors
Date: April 16-25, 2014
Place: China Steel Building (88, Chenggong 2nd Road, Qianzhen District, Kaohsiung, Taiwan)

7. Relief of business strife limitation for directors
For safeguarding the rights and interests of investments, the following concurrent positions of directors were approved in the meeting pursuant to the Paragraph 1 of Article 209 of Company Law:
。 Chairman Jo-Chi Tsou concurrently Director of China Ecotek Corporation
。 Director Jyh-Yuh Sung concurrently Director of Chung Hung Steel Corporation
。 Director Horng-Nan Lin concurrently Chairman of China Ecotek Corporation, and Director of Formosa Ha Tinh Steel Corporation
─ Director Jih-Gang Liu concurrently Directors of Chung Hung Steel Corporation, CSC Steel Holdings Bhd, CSC Steel Sdn Bhd, and East Asia United Steel Corporation respectively.
The above resolutions for directors will be proposed at stockholders’ meeting on June 18, 2014.