The resources development and logistics business of Baosteel Group is represented by the subsidiary Baosteel Resources Co., Ltd. (hereinafter as "Baosteel Resources") as the flagship. In Baosteel's new round development, the strategic objective of Baosteel Resources is to become the most competitive comprehensive service supplier of mineral resources in China and rank within the top 3 among the domestic peers in terms of comprehensive strength; the target products concentrate on iron ore, coal, ferroalloy (nickel, chrome and manganese alloy), renewable metal resources and coastal, ocean-going transportation. Resources business is an internationalized business, Baosteel will exploit the resources business from an internationalized perspective by basing itself upon the global. Baosteel Resources is expediting the steps of internationalized development of resources business and the construction of Baosteel's overseas resources guarantee system, enhancing the strength of overseas sourcing, and increasing the magnitude of overseas resources development, with which as the vehicles to enhance the capability of internationalized operation and drive Baosteel Resources to become an internationalized company as soon as possible to support the development of main steel business.

Baosteel Resources Co., Ltd.

Baosteel Resources Co., Ltd. established on July 21, 2006, is a sole subsidiary of Baosteel Group Corporation mainly engaged in the investment, trade and logistics service, etc. of mineral resources. On December 21, 2010, the company set up the overseas headquarters in Hong Kong---Baosteel Resources (International) Co., Ltd., and carries out the operation of dual headquarters in Shanghai and Hong Kong.

Baosteel Resources pursues the internationalized cooperation for win-win, drives at the globalized configuration of mineral resources, commits itself to provide quality products and value-added service to the customers, and realizes the leaping-forward development of iron ore, coal, ferroalloy, non-ferrous metal, metal renewable resources and logistics business.

The company owns 19 subsidiaries in China, and sets up subsidiaries and offices in Australia, South Africa, Indonesia and India, etc. The company builds up long-term strategic cooperative relationships for iron ore with the renowned suppliers from Australia, Brazil, India, Chile and South Africa through internationalized cooperation; sets up strategic cooperative relationships for coal with many large coal producers at home and abroad, and establishes many subsidiaries through joint investment and cooperation; sets up favorable cooperative relationships with the renowned suppliers at home and abroad for non-ferrous metal such as nickel, chrome, manganese, copper and zinc, etc., and makes investments in many alloy production bases and non-ferrous minerals enterprises at home and abroad; the company owns many scrap steel processing bases in Shanghai, Zhejiang and Jiangsu provinces, and possesses the leading enterprise in auto wrecking industry and a ship breaking enterprise in Shanghai.

The varieties of ores operated by Baosteel Resources include iron ore and metallurgical auxiliary material, such as fine ore, lump ore, pellet, limestone, dolomite, serpentine and olivine, etc.; the varieties of coal include hard coking coal, fat coal, PCI coal, steaming coal, lump coal and metallurgical coal, etc.; the varieties of alloy and non-ferrous metal include nickel ore, ferro-nickel, electrolytic nickel, chrome ore, ferro-chrome, manganese ore, manganese alloy, copper concentrate, electrolytic copper, zinc concentrate, electrolytic zinc, etc.; the varieties of metal recycling resources include scrap clips, bundles and pure scrap, etc.

Baosteel Resources also strives to build up the comprehensive logistics service platform with powerful competitiveness, actively forges the coastal and ocean going transportation fleets, commits itself to provide the logistics service such as chartering agency, forwarding agency, railway consignment, warehousing, stevedoring, etc., and has carried out strategic cooperation with the renowned enterprises at home and abroad including China Shipping, NYK, etc., to develop the offshore and ocean going transportation business.

In 2010, confronted with the complicated and volatile market environment at home and abroad as well as the severe operational challenges, Baosteel Resources stays with the market trend,seizes the opportunity, innovates the operating mode, deepens the management reform, and achieves the healthy and rapid development of corporate operations, realizing a sales revenue of RMB 37.2 billion in the year.

Resources agglomerate powers and dreams create future. With the goal of becoming "the most competitive comprehensive service provider for mineral resources in China" and in line with the core value of "honesty, synergy, exploration and pursuit of maximized corporate value", Baosteel Resources seeks the common development with the shareholders, customers, suppliers, employees and society.

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