Baosteel announced that on December 10, 2019, the company received the "Notice on the Free Transfer of State-owned Shares in Baoshan Iron and Steel Co., Ltd." transferred from China Baowu Iron and Steel Group Co., Ltd. ("China Baowu"), the company's controlling shareholder, China Baowu intends to transfer approximately 4.8675 million A shares of the company (accounting for 2.19% of the company's total share capital) to Shougang Group Co., Ltd. ("Shougang Group") through free transfer.

Prior to the free transfer, China Baowu and its concert parties held approximately 14.28232 billion A shares of the company, accounting for 64.12% of the company's total share capital. Shougang Group did not hold any shares of the company.

After the completion of the free transfer, China Baowu and its concert parties held approximately 13.79557 billion A shares of the company, accounting for 61.93% of the company's total share capital; Shougang Group held approximately 4.8675 million A shares of the company, accounting for the company 2.19% of total equity.