Chongqing Iron and Steel Group Company, the controlling shareholder of Chinese steelmaker Chongqing Iron and Steel Company (Chongqing Steel), is planning a restructuring of material assets involving Chongqing Steel and accordingly will carry out consultations with the relevant authorities about its plans, as stated by Chongqing Steel. As there is uncertainty about the restructuring which is price-sensitive in nature, trading of shares of Chongqing Steel will remain suspended for one month.
It is expected that Chongqing Steel's shares will resume trading upon disclosure of the plan for the restructuring of the company's assets. If the company is unable to hold a board meeting for consideration of the plan for material asset restructuring within the aforesaid one-month period, it is intended the shares of the company will resume trading on April 5, 2012, and no asset restructuring will be proposed within three months after resumption of trading of its shares.