The Company was established by Anshan Iron and Steel as the sole sponsor on May 8, 1997, and the original cold rolling mill, wire mill, and thick plate mill belonging to the sponsor were injected into the company in accordance with the restructuring. The net assets were determined by the State-owned Assets Administration to be RMB 2,028,817,600, which was converted into the issuance of 1,319,000,000 domestic shares to Anshan Iron and Steel in the form of state-owned corporate shares, with a face value of RMB 1 per share. On July 22, 1997, the Company issued 890,000,000 H shares at a price of HK$1.63 per share, which were listed and traded on the Hong Kong Stock Exchange on July 24, 1997. The Company issued 300,000,000 A shares in China on November 16, 1997, at a price of RMB 3.90 per share, of which: 285,505,400 shares were publicly issued, and 14,494,600 company employee shares were sold to the Company's employees. The 285,505,400 shares publicly issued in China were listed and traded on the Shenzhen Stock Exchange on December 25, 1997. 14,494,600 company employee shares, which were sold to the Company's employees, were listed and traded on the Shenzhen Stock Exchange on June 26, 1998. On March 15, 2000, the Company issued RMB 1.5 billion A-share convertible corporate bonds in China. On March 14, 2005, the Japanese Company's A-share convertible bonds matured for debt service and interest, and stopped converting shares and delisting itself on the same day. As of the maturity date, a total of 453,985,697 A-shares of the Company's convertible bonds were converted. On January 26, 2006, the Company added 2.97 billion A shares to Anshan Iron and Steel at a price of RMB 4.29 per share as part of the consideration for the acquisition of 100% of Angang Steel New Steel Company's shares. This portion of the shares was registered and managed on February 23, 2006 at the Shenzhen branch of China Securities Registration and Settlement Co., Ltd., and will not be traded or transferred for 36 months from February 23, 2006. After this addition, the total number of shares of the Company is 5,932,985,697 shares. On June 20, 2006, the 2005 General Meeting of Shareholders of the Company approved the Company's name change. The Chinese name was changed from “Angang Steel New Rolling Co., Ltd.” to “Angang Steel Co., Ltd.”, the Chinese abbreviation was changed from “Angang Steel New Rolling” to “Angang Steel Co., Ltd.”, and the English name was changed from “AngangNewSteelCompanyLimited” to “Ansteel” for short. On September 29, 2006, the Company obtained the revised corporate legal entity business license. In December 2005, the Company implemented an equity distribution reform. The Company's non-tradable shareholder, Anshan Iron and Steel, paid 2.5 A shares and 1.5 “Angang Steel JTC1” subscription warrants for every 10 shares registered on the share distribution reform plan. Anshan Iron and Steel paid a total of 188,496,424 A-share shares and 113,097,855 “Angang Steel JTC1” subscription warrants to other A-share shareholders. The “Angang Steel JTC1” subscription warrants expired in December 2006, and a total of 110,601,666 warrants were successfully exercised. As a result, Anshan Steel sold 110,601,666 shares to other A-share shareholders at a price of RMB 3.386 per share. The “Angang Steel JTC1” subscription warrants that were not successfully exercised on the expiration date were cancelled after the expiration date. After the exercise of power, the total number of shares of the Company remained unchanged. Anshan Iron and Steel held 3,989,901,910 A shares, other A share shareholders held 1,053, 083,787 shares, and H share shareholders held 890,000,000 shares. In 2007, the Company placed shares to all shareholders at a ratio of 2.2 shares for every 10 shares. From October 10 to 16, 2007, the Company placed 1,106,022,150 shares to A-share shareholders of the Company. The allotment price was RMB 15.4 per share. Of these, shareholders with unlimited sales conditions increased by 228,240,496 shares; shareholders with limited conditions of sale increased by 877,781,654 shares. The additional shares were approved for listing on the Shenzhen Stock Exchange on October 25, 2007. From October 22 to November 5, 2007, the allotment price was HK$15.91 per share (equivalent to RMB 15.4 per share at the current exchange rate). The Company placed 195,800,000 shares to H shareholders of the Company. The additional shares were approved for listing on the Hong Kong Stock Exchange on November 14, 2007. After the placement of shares was completed, the total number of shares of the Company was 7,234,807,847, the A shares held by Anshan Iron and Steel were 4,867,680,330 shares, the other A share shareholders held 1,281,327,517 shares, and the H share shareholders held 1,085,800,000 shares. On May 25, 2018, the Company issued HK$1.85 billion zero coupon H-share convertible bonds on the Hong Kong Stock Exchange. The convertible bonds were listed and traded on the Hong Kong Stock Exchange on May 28, 2018, and were fully redeemed on May 25, 2023. In June 2019, the Company implemented a capital transfer from the Capital Provident Fund, transferring 3 shares for every 10 shares to all shareholders, for a total of 2,170,442,354 shares. After the share capital was increased, the total number of shares of the Company was 9,405,250,201, of which A shares were 7,993,710,201 and H shares were 1,411,540,000 shares. In December 2020, the company repurchased 52,450,023 A-share tradable shares to be used to implement the “Angang Steel Co., Ltd. 2020 Restricted Stock Incentive Plan (Draft)” (hereinafter referred to as the Stock Incentive Plan). In 2021 and 2022, the company implemented stock incentive plans for the first time and reserved grants, respectively. A total of 52,041,400 A-share restricted shares were awarded. During the period from 2022 to 2025, the company repurchased and cancelled 35,620,320 A-share restricted shares held by incentive recipients under the stock incentive plan, which have not yet been lifted. Cancellation of 408,623 remaining treasury shares in the company's repurchase special securities account. After the cancellation was completed, the total share capital of the Company was reduced to 9,369,221,258 shares, of which 7,957,681,258 A shares and 1,411,540,000 H shares.