Board press release

The 20^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on May 6, 2022. The board of directors approved a resolution of investing NT$3,244 million to launch the “New Straight bar finishing line (Phase-C) project of NO.2 bar mill at rolling mill Dept.1”.

The purpose of this project is to develop the advanced premium steel of CSC and to drive digital transformation by building an intelligent finishing line. After the completion of this project, the quality of straight bars and production efficiency will be improved, and it is estimated to increase the overall production of bar mill by about 4,000 metric tons per month to meet market demands and to increase the profits. This project will commence on June 1, 2022 and is scheduled for completion on October 31, 2025.

The 19^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on February 25, 2022. Major resolutions were:

• 1.Appropriation of distributable earnings for 2021
  The meeting proposed to appropriate NT$1.4 and NT$1.7 per share for dividends and bonuses respectively, totaling NT$3.1 per share of preferred stocks; NT$3.1 per share for dividends of common stocks. (The earnings per share was NT$4.02, and the dividend payout ratio was 77% in 2021) (Based on the CSC's average closing price per share of NT$33.25 in 2021, cash dividend yield was 9.32%) The above proposal will be submitted to the stockholders' meeting for recognition on June 17, 2022.
• 2.Date and venue for CSC's 2022 shareholders' meeting
  • Date: June 17, 2022 (Friday) 9:00 a.m.
    Place: CSC (No.1, Zhonggang Rd., Xiaogang Dist., Kaohsiung City, Taiwan)
  Date and place for accepting stockholders' proposals
  • Date: April 11-20, 2022
    Place: CSC Steel Building (No.88, Chenggong 2nd Rd., Qianzhen Dist., Kaohsiung City, Taiwan)

The 17^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on November 5, 2021. The board of directors approved a resolution of investing NT$3,277 million to launch “Phase Two Project of Replacement Program of Boiler-Turbine-Generators for #1 Power Plant”.

The purpose of this project is to stabilize steam and power supply, improve power generating efficiency by increasing net generation capacity of 32.8MW, and meet environmental requirements of energy saving and carbon reduction by installing air pollution control facilities. With the completion of this project, CSC’s self-owned power generation ratio will be increased from 43.5% to 54.9%, and it is expected to reduce emission of SOx of 154 MT/YR, NOx of 56 MT/YR, and CO2 of 140 thousand MT/YR, which is equivalent to carbon uptake of 360 Daan Forest Parks per year. This project will commence on December 1, 2021 and is scheduled for completion on March 31, 2026.

The 16^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on September 24, 2021. Major resolutions were:

• 1. For embracing the trend of global carbon neutrality and stimulating green industry significantly, capital expenditure of China Steel Power Holding Corporation was approved.
  The board of directors approved capital expenditure of up to NT$5.5135 billion, which is for China Steel Power Holding Corporation with Copenhagen Infrastructure Partner(CIP) in accordance with the develop progress and capital demand of Zone 29 offshore wind farm(Zhong Neng Project).
  Zhong Neng Project has been selected by Ministry of Economic Affairs and allocated a grid-connected capacity of 300MW in 2024. CSC’s participation in Zhong Neng Project not only strives for the multivariate steel sale, the potential business opportunities and localization expansion of offshore wind power industry, but also implements the promotion of green industry business development of CSC.
• 2. Fund endowment for CSC Group Education Foundation in 2021
  CSC Group Education Foundation (the Foundation) was established through CSC’s fund endowment. Each year, CSC Group endows the Foundation’s needed fund; in 2021, CSC endows the Foundation with NT$12.542 million.
• 3. The appointment of Vice President of Administration Division
  Assistant Vice President of Administration Division Mr. I-Chung Huang has been promoted as Vice President of Administration Division and his appointment was effective on September 24, 2021.

The 15^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on August 6, 2021. Major resolutions were:

• 1. Decision of Ex-Dividend Date
  Ex-dividend date：September 6, 2021
  Ex-dividend trading date：August 31, 2021
  Last date before book closure：September 1, 2021
  Book closure starting date：September 2, 2021
  Book closure ending date：September 6, 2021
  Payment date：September 17, 2021
• 2. CSC will invest NT$7.996 billion to launch “Coke Oven Plant and Coke Dry Quenching Facility Renewal Project Stage III”. The purpose of this project is to revamp facilities, enhance environment protection, and reduce emission of CO2 and PMs. This project will commence on September 1, 2021 and is scheduled for completion on December 31, 2026. The main structure engineering of Coke Oven Plant will commence on December 1, 2022 and is scheduled for completion on February 28, 2025.

After the completion of stages of engineering in the future, it will generate 273 million kWh per year by recycling the production process’ waste heat. On top of that, it will reduce VOCs emission of 73 metric tons (65%), PMs of 41 metric tons (56%) as well as energy consumption of 214 million cal/metric ton coke (10%) per year, further reducing CO2 emission of 146 metric tons per year, which is equivalent to carbon uptake of 375 Daan Forest Parks.

The 14^th meeting of the 17^th Board of Directors of CSC was held on Jun 18, 2021.Major resolutions were passed as follows:

• 1. In response to COVID-19 pandemic and Financial Supervisory Commission’s instruction, CSC's 2021 shareholders' meeting has been postponed to:
  • (1) Date: August 30, 2021 (Monday) 9:00 a.m.
  • (2) Place: CSC (1, Chung Kang Road, Hsiao Kang, Kaohsiung, Taiwan)
  • (3) Meeting Agenda: Remain unchanged.
• 2. Assistant Vice President of Production Division Mr. Shou-Tao Chen has been promoted as Vice President of Production Division and his appointment was effective on June 18, 2021.

The 13^th meeting of the 17^th Board of Directors of CSC was held on May 7, 2021. Major resolutions were:

• 1. CSC will invest NT$801 million to launch “Rolling efficiency enhancement of the main motor of the plate rolling mill” project. The purpose is to enhance the capacity and capability of plate rolling mill’s main motor, promote the stability of production and equipment operation, improve product quality and high-grade steel plate production technology, and it will help developing high strength steel plates for wind-power and national defense industry. This new main motor driver system will reduce electricity consumption effectively during production processes, saving 1.64 million kWh per year, which is equivalent to reducing CO2 emission of 835 metric tons per year. This project will commence on June 1, 2021 and is scheduled for completion on December 31, 2023.
• 2. Appointment of CSC’s Vice President of Technology Division
  Assistant Vice President of Technology Division Dr. Jih-Jau Jeng has been promoted as. Vice President of Technology Division and his appointment was effective on May 7, 2021.

The 12^th meeting of the 17^th Board of Directors of CSC was held on February 26, 2021. Major resolutions were:

• 1. Appropriation of distributable earnings for 2020
  The meeting proposed to appropriate NT$1.4 and NT$0.3 per share for dividends of preferred stocks and common stocks respectively. The above proposal will be submitted to the stockholders' meeting for recognition on June 18, 2021.
• 2. Date and venue for CSC's 2021 shareholders' meeting
  • Date: June 18, 2021 (Friday) 9:00 a.m.
    Venue: CSC Auditorium (1, Chung Kang Road, Hsiao Kang, Kaohsiung, Taiwan)
  Date and place for accepting stockholders' proposals
  • Date: April 13-22, 2021
    Place: CSC Steel Building (88, Chenggong 2nd Road, Qianzhen, Kaohsiung, Taiwan)
• 3. ESG (Environmental, Social, and Corporate Governance) is not only an important global trend, but also an important corporate sustainable development indicator. In order to enhance ESG sustainable development and promise to take action on environmental protection and climate change, CSC sets up a panel under Corporate Governance and Sustainability Committee for carbon neutrality and energy saving. The chairman of the Board of CSC is the person in charge, CSC’s president and executive vice president are both appointed deputies, and vice president of production division and vice president of technology division are appointed executive secretary and deputy executive secretary. For fully exercising energy saving/carbon reduction/greenhouse gas emission control, reducing impacts on climate/environment change, and achieving the goal of sustainable development, the panel will report work plans and results to Corporate Governance and Sustainability Committee and the Board of CSC regularly.
• 4. Vice President of Administration Division Mr. Chiu-Po Chang is relieved of his office for further assignment (Chairman of China Steel Express Corporation) effective from February 26, 2021.

The 11^th meeting of the 17^th Board of Directors of CSC was held on December 28, 2020. Major resolutions were:

• 1. CSC will invest NT$3.799 billion to launch “Enclosed Coal Storage Construction Phase II”. The purpose of this project is to enhance environmental protection, and this project will commence on August 1, 2021 and is scheduled for completion on December 31, 2023.
• 2. CSC will invest NT$8.08 billion to launch “Coke Oven Plant and Coke Dry Quenching Facility Renewal Project Stage II”. The purpose of this project is to revamp facilities, enhance environment protection, and reduce emission of CO2 and PMs. This project will commence on July 1, 2021 and is scheduled for completion on February 29, 2024.

After the completion of stages of engineering in the future, it will generate 273 million kWh per year by recycling the production process’ waste heat. On top of that, it will reduce VOCs emission (percentage) of 73 metric tons (63%), PMs of 41 metric tons (56%) as well as energy consumption of 214 million cal/metric ton coke (10%) per year, further reducing CO2 emission of 146 metric tons per year, which is equivalent to carbon uptake of 375 Daan Forest Parks.

The 9^th meeting of the 17^th Board of Directors of CSC was held on August 3, 2020. The board of directors approved a resolution of investing NT$1,984 million to construct a Coke Transportation and Handling System.

The purpose of this project is to remap facilities, enhance environment protection, and stabilize the production of Blast Furnace and Sinter Plant. The benefit of key equipment localization is of NT$255 million, including the saving of NT$229 million of mechanical equipment and NT$26 million of electrical control equipment. This project will commence on January 1, 2021 and is scheduled for completion on December 31, 2023.

After the completion of stages of engineering in the future, it will generate 273 million kWh per year by recycling the production process’ waste heat. On top of that, it will reduce VOCs emission (percentage) of 73 metric tons (63%), PMs of 41 metric tons (56%) as well as energy consumption of 214 million cal/metric ton coke (10%) per year, further reducing CO2 emission of 146 metric tons per year, which is equivalent to carbon uptake of 375 Daan Forest Parks.

The 8^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on June 19, 2020. In order to grasp the business opportunities of offshore wind power, the board of directors approved a capital investment of up to NT$6,800 million, which is forChina Steel Power Holding Corporation with Copenhagen Infrastructure Partner(CIP) in accordance with the develop progress and capital demand of Zone 29 offshore wind farm(ZhongNengProject).

ZhongNeng Project has been allocated a grid-connected capacity of 300MW. It is currently in the early stage of construction, such as seabed geological drilling and related contract/supplier negotiation and planning.Offshore wind power industry is highly steel intensive.CSC’s participation in ZhongNeng Project not only strives for the multivariate steel sale, the potential business opportunities and localization expansion of offshore wind power industry, but also implements the promotion of green industry business development of CSC.

The 7^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on May 4, 2020. The board of directors approved a resolution of investing NT$5,909 million to launch “Phase One Project of Replacement Program of Boiler-Turbine-Generators for #1 Power Plant”.

The purpose of this project is to improve power generating efficiency, stabilize steam and power supply, increase self-owned power generation ratio, and enhance environment protection by installing the air pollution control facilities. It will increase CSC’s self-owned power generation ratio from the existing 55.6% to 69.2% with the completion of the project and reduce the emission of SOx, NOx, and CO₂ of 154 MT, 56MT, and 147 thousand MT per year, respectively. This project will commence on June 1, 2020 and is scheduled for completion on March 31, 2026.

The 6^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on March 23, 2020. Major resolutions were:

• 1. Appropriation of distributable earnings for 2019
  The meeting proposed to appropriate NT$1.4 and NT$0.5 per share for dividends of preferred stocks and common stocks respectively. The above proposal will be submitted to the stockholders' meeting for recognition on June 19, 2020.
• 2. CSC will invest NT$9.429 billion to launch “Coke Oven Plant and Coke Dry Quenching Facility Renewal Project Stage I”. The purpose is to reduce emission of CO₂ and PMs by revamping facilities and to improve environmental protection. Besides, in order to expand and encourage domestic investment and purchasing, this project is moved up to April 1, 2020 and is scheduled for completion in February 2025.
  After the completion of stages of engineering in the future, it will reduce VOCs emission (percentage) of 73 metric tons (63%), PMs of 41 metric tons (56%), and energy consumption of 214 million cal/metric ton coke (10%) per year. In addition, it will increase power generation of 273 million kWh and reduce CO₂ emission of 146 metric tons per year.
• 3. Date and venue for CSC's 2020 shareholders' meeting
  • Date: June 19, 2020 (Friday) 9:00 a.m.
    Venue: CSC Auditorium (1, Chung Kang Road, Hsiao Kang, Kaohsiung, Taiwan)
  Date and place for accepting stockholders' proposals
  • Date: April 13-22, 2020
    Place: CSC Steel Building (88, Chenggong 2nd Road, Qianzhen, Kaohsiung, Taiwan)
• 4. Appointment of CSC’s Vice President of Production Division
  Vice President of Production Division Mr. Chih-Tai Charng will retire on March 31, 2020. The former Assistant Vice President of Production Division Mr. Wen-Gee Lo (currently Chairman of China Steel Chemical Corporation) will return to succeed Mr. Charng as Vice President of Production Division.

The 5^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on December 30, 2019. Major resolutions were:

• 1. Appointment of CSC’s Vice President of Engineering Division
  Vice President of Engineering Division Mr. Hsin-Chin Kuo will retire on January 31, 2020. The former Vice President of Engineering Division Mr. Chung-Te Chen (currently Chairman of China Ecotek Corporation) will return to succeed Mr. Kuo as Vice President of Engineering Division.
• 2. Appointment of CSC’s Vice President of Technology Division
  Vice President of Technology Division Dr. Song-Jau Tsai will retire on March 1, 2020. Assistant Vice President of Technology Division Dr. Yie-Shing Hwang will be promoted to succeed Dr. Tsai as Vice President of Technology Division.

The 4^th meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on November 11, 2019. Major resolutions were:

• 1. Revamp of hot stoves #21’s hearth shell and inner shell of No. 2 blast furnace
  CSC will invest NT$508.31 million for this project. It is scheduled to commence on December 1, 2019 and for completion on October 31, 2022. The blast furnace will be able to stabilize its production by lap parallel operation with four hot stoves when this project completes.
• 2. Fund endowment for CSC Group Education Foundation
  CSC Group Education Foundation (the Foundation) was established through CSC’s fund endowment. Each year, CSC Group endows the Foundation’s needed fund; in 2019, CSC endows the Foundation with NT$7.628 million.

The third meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on September 23, 2019.Major resolutions were:

• 1. Appointment of CSC’s President
  President Mr.Horng-Nan Linwill be discharged from the position and Executive Vice PresidentDr. Shyi-Chin Wangwill succeed Mr. Lin as Presidenteffective from September 30, 2019.
• 2. Appointment of CSC’s Executive Vice President
  Vice President of Commercial Division Mr. Chien-Chih Hwang will be promoted as Executive Vice Presidenteffective from September 30, 2019.
• 3. Appointment of CSC’s Vice Presidentof Commercial Division
  Assistant Vice President of Commercial Division Mr. Min-Hsiung Liuwill be promoted as Vice President of Commercial Divisioneffective from September 30, 2019.

The second meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on August 12, 2019, and approved a resolution of collective agreement draft with Labor Union of CSC. The agreement is scheduled to be signed by both parties on August 15.

CSC and the Labor Union of CSC started the fifth collective agreement draft consultation on October 20, 2017, and both parties maintain harmony during negotiation process. After 21 consultation meetings in 21 months, the consensus of 79 collective agreement draft articles was reached. Labor Union of CSC passed resolution of collective agreement draft in its fourth temporary congress of the 13^rd delegates on August 1, 2019. The agreement is scheduled to be signed by both parties on August 15, 2019.

In accordance with relevant labor law change, to safeguard employees’ benefit and to enhance sustainable development of CSC, both parties manage to negotiate sincerely since the last collective agreement signed nearly five years ago. It not only reveals stable and harmonious relationship between CSC and Labor Union of CSC, but fully protect employees’ benefit under both parties’ good communication.

The first meeting of the 17^th Board of Directors of China Steel Corporation (CSC) was held on June 19, 2019, and Director Chao-Tung Wong (representing Ministry of Economic Affairs) was elected as Chairman of CSC.

Chairman Chao-Tung Wong joined CSC in 1980 and had served several important positions such as General Manager of Public Affairs Department, General Manager of Human Resources Department, Vice President of Administration Division, Chairman of CHC Resources Corporation, Chairman of China Steel Sumikin Vietnam Joint Stock Company, Chairman of China Ecoteck Corporation, and President of CSC before he was elected the Chairman of the 16^thBoard of Directors of CSC on October 26, 2016.

In complying with all regulations, Chairman Wong applied and was approved the removal of his status of employee of CSC on June 18, 2019, and only serves as a representative of Ministry of Economic Affairs now.