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Guo Wenqing Makes an Official Visit to POSCO

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On September 23, Mr. Guo Wenqing, China Minmetals’ President and MCC Chairman led a delegation to call on Oh Gyu-seok, Executive Vice President of Pohang Iron and Steel Co. Ltd (POSCO) in Seoul, South Korea. Both sides had extensive and in-depth talks on strengthening cooperation in metal mining, trade and logistics and new energy and materials, etc.

Guo Wenqing expressed his gratitude to POSCO for the warm reception and introduced the development since the strategic reorganization of China Minmetals and MCC, both Fortune Global 500 companies. Mr. Guo pointed out that China Minmetals has favorable and stable cooperation with POSCO for a long time, and both sides have a solid foundation for mutual trust and benefit especially in traditional areas like raw metal trade and metallurgical engineering. China Minmetals is a pioneer and constructor of China’s metallurgical industry, occupying a domestic market share of over 90% in metallurgical engineering, and a global market share of over 60%. We have good partnership with a number of large-scale iron & steel enterprises in the world. POSCO, as one of the largest iron & steel manufacturers in the world, has a strength in the industry and scientific and integrated management experience. As two peer enterprises in the same industry, both sides can learn from each other for mutual benefit and win-win result, actively expand cooperation at multiple levels in iron & steel and other areas, and accelerate the building of a long-term strategic partnership.

Mr. Guo stressed that, against the backdrop of the profound reform of the iron & steel industry and the rapid development of the new energy material industry, POSCO has achieved relatively fast growth in new energy materials, and China Minmetals has prioritized new energy materials as one of the main businesses of the group company. China Minmetals is devoted to promoting the business development of new energy resources, including strategic metal like nickel, cobalt and graphite. In terms of trade logistics, China Minmetals’ 100 million-ton class international mineral ore trading center in Caofeidian will provide stronger support for the growth of ore trade. Both sides can establish a regular exchange mechanism to discuss in detail areas of cooperation, and actively deepen communication on raw material trade, anode materials and new materials, so as to promote the effective cooperation of both sides in multiple business areas.

Mr. Oh Gyu-seok spoke highly of the progress China Minmetals has made in recent years, agreed with the proposal of building a strategic partnership put forward by Mr. Guo, and introduced in detail the new energy project POSCO is carrying out. Mr. Oh said, POSCO holds an open and positive attitude towards the cooperation with China Minmetals. He believed this meeting will enhance the mutual understanding and trust between two companies, and hoped both sides could effectively cooperate in new energy materials, iron ore trade and mine resources development in the future. He also hoped that POSCO could establish a regular exchange mechanism with China Minmetals to consolidate the cooperation basis, expand business scope and accelerate the building of a comprehensive strategic partnership.

Both sides also had extensive discussions on the topic of mutual interest—innovative partnership.

Jiao Jian, Deputy General Manager of China Minmetals, attended the meeting. Other attendees included relevant personnel from POSCO—Piao Xian, Jiang Shengxu, Xu Zhiyuan, Li Rongzai, Jin Bingzhen and Piao Zhengen, and heads of directly-charged subsidiaries of China Minmetals—Liu Qingchun, Hu Liuquan, Han Guorui, Xiao Xuewen, Xiang Mingwu, Yu Zhendong, and Jiang Linguo, etc.

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