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(a joint stock limited company incorporated in the People’ s Republic of China)
(Stock Code: 323)
PRICE SENSITIVE INFORMATION
OVERSEAS REGULATORY ANNOUNCEMENT
ANNOUNCEMENT ON THE 2007 EXERCISE RESULTS OF
MAGANG CWB1 WARRANTS

The Company and members of the board of directors (the Board of Directors) warrant
the truthfulness, accuracy and completeness of the announcement, and jointly accept the
responsibility for any false representations or misleading statements contained in, or material
omissions from, this announcement.
This announcement is made pursuant to Rules 13.09(1) and (2) of the Rules Governing the
Listing of Securities on
Maanshan Iron & Steel Company Limited (Magang Company or the Company) published
the Special Indicative Announcement on the 2007 Exercise of {CWB1 Warrants (Magang
CWB1 Warrants) of Maanshan Iron & Steel Company Limited in Shanghai Securities News
on 25 October 2007 and published the First Indicative Announcement on the 2007 Exercise of
Magang CWB1 Warrants of Maanshan Iron & Steel Company Limited in Shanghai Securities
News on 6 November 2007. In addition, continuous information reminders were made from 7
November 2007 to 14 November 2007. From 15 November 2007 to 28 November 2007, the 2007
exercise of Magang CWB1 Warrants took place and this was the first exercise of Magang CWB1
Warrants. The second exercise period of Magang CWB1 Warrants will be 17 November 2008 to 28
November 2008.
Magang CWB1 Warrants will resume trading on 29 November 2007.
Details of the 2007 exercise results of Magang CWB1 Warrants and the resulting share movements
resulting from the exercise are hereby announced as follows:
1. REASON(S) FOR THE SHARE MOVEMENTS
Magang Company issued RMB5,500 million of bonds with warrants (the Bonds with
Warrants, each unit bearing a nominal value of RMB100 and each board lot comprises 10

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units) at the Shanghai Stock Exchange on 13 November 2006. Holders of the Bonds with
Warrants were distributed with 230 warrants for each board lot of Bonds with Warrants of
Magang Company. Such warrants, totalling 1,265 million units, were listed and traded on the
Shanghai Stock Exchange under the abbreviation of Magang CWB1 (trading code: 580010).
From 15 November 2007 to 28 November 2007, the first exercise of Magang CWB1 Warrants
took place. As at 28 November 2007, a total of 303,251,716 Magang CWB1 Warrants were
successfully exercised, resulting in movements in the Company’s shares.
2. DETAILS OF THE SHARE MOVEMENTS

Details of the movements in the Company’s shares upon completion of the 2007 exercise of
Magang CWB1 Warrants are as follows:
Prior to the current movements Current After the current movements
Quantity Percentage movements Quantity Percentage
(shares) (%) (shares) (shares) (%)
I. Shares subject to selling restrictions
1. State-owned shares 3,830,560,000 59.34 3,830,560,000 56.68
2. State-owned legal person shares
3. Other domestic shares
Including:
Shares owned by domestic legal persons
Shares owned by domestic natural persons
4. Foreign-owned shares
Including:
Shares owned by foreign legal persons
Shares owned by foreign natural persons
II. Shares not subject to selling restrictions
1. RMB-denominated ordinary shares 891,810,000 13.81 +303,251,716 1,195,061,716 17.68
2. Domestic listed foreign shares
3. Foreign listed foreign shares 1,732,930,000 26.85 1,732,930,000 25.64
4. Others
Total number of shares 6,455,300,000 100.00 6,758,551,716 100.00

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3. DETAILS OF SHARE TRANSFERS PURSUANT TO THE SHARE MOVEMENTS

Upon the 2007 exercise of Magang CWB1 Warrants, all additional shares of the holders have
been registered with China Securities Depository & Clearing Corp. Ltd. Shanghai Branch.
Board of Directors
Maanshan Iron & Steel Company Limited
28 November 2007
Maanshan City, Anhui Province, the PRC
As at the date of this announcement, the directors of the Company include:
Gu Jianguo, Gu Zhanggen, Zhu Changqiu, Zhao Jianming, Su Jiangang, Gao Haijian, Wong Chun
Wa, Su Yong, Hui Leung Wah, Han Yi
Independent Non-executive Directors