Jun. 6, 2022 - Sinosteel Luonai Materials Technology Co., Ltd. (hereinafter referred to as Sinosteel Luonai), a subsidiary of Sinosteel Group, made an initial public offering of A shares and was listed on the STAR MARKET of the Shanghai Stock Exchange. The listing ceremony was held in Beijing and Luoyang via video link. Chen Derong, Chairman of China Baowu, attended the listing ceremony by video in Shanghai and delivered a speech. The listing ceremony was presided over by Liu Andong, General Manager of Sinosteel Group. Sinosteel Luonai will issue 225 million shares this time, raising a total of 1.14 billion yuan, with the stock code "688119".

Chen Derong, Chairman of China Baowu, said: "The successful listing of Sinosteel Luonai is an important milestone in the company's development process, marking a firm step forward for Sinosteel Luonai's high-quality development. I hope that in the future, Sinosteel Luonai will continue to focus on the goal of building a world-class refractory enterprise, make full use of the opportunity to join the Baowu family, with first-class management, first-class talents, first-class technology, to create first-class value creation ability, and make the golden brand of Sinosteel Luonai more brilliant."

Liu Andong, General Manager of Sinosteel Group, said: "Sinosteel Group and Sinosteel Luonai will thoroughly implement the three-year action deployment requirements for the reform of state-owned enterprises, take the opportunity of listing, optimize resource allocation, strengthen innovation drive, and build a world-class refractory enterprise as the goal, forge ahead, make unremitting efforts to make new contributions to the high-quality development of China's economy."

Li Guofu, Chairman of Sinosteel Luonai, said: "Standing at a new historical starting point, Sinosteel Luonai will adhere to the two-wheel drive of capital market and technological innovation, be supported by science and technology, based on high temperature industry, actively expand strategic emerging material industries, promote enterprise comprehensive innovation to achieve green, low-carbon and sustainable development, and make unremitting efforts to build a world-class refractory enterprise as soon as possible.”

He also said: "In the next step, Sinosteel Luonai will operate in strict accordance with the governance requirements of listed companies and improve the standardization and scientificity of the company's decision-making. Sinosteel Luonai will actively organize the implementation of fund-raising investment projects, and vigorously expand domestic and foreign markets and product portfolio., and continuously improve the company's profitability. Strengthen the construction of talent team and the drive of scientific and technological innovation, concentrate on solving the key technologies of refractory materials, accelerate the construction of a world-class refractory enterprise, and make greater contributions to promoting the healthy and orderly development of China's refractory industry."