CITIC Special Steel announced that due to changes in the shareholder structure and the need to optimize the financing structure and guarantee liquidity, the company and its subsidiaries plan to sign a “Shareholder Loan Framework Agreement” with shareholders Changyue Investment, Zhongte Investment, and Xinye Steel Renewal to apply for shareholder loans totaling no more than 2.5 billion yuan and foreign currency equivalent. The loan period is not more than three years. The loan interest rate is determined according to the company's average bank financing interest rate for the same period, and can be recycled during the loan period. This transaction constitutes a related transaction and does not constitute a major asset restructuring. It has been reviewed and approved by the company's board of directors. The relevant directors have avoided voting and still need to be submitted to the company's shareholders' meeting for consideration. The relevant shareholders will avoid voting.

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