Baosteel Group: The company's production capacity target has been adjusted from "80 to 100 million tons" to "80 million tons +" and is not purely pursuing scale expansion.

Baosteel Group: The company's production capacity target has been adjusted from "80 to 100 million tons" to "80 million tons+", not only pursuing scale expansion, but also focusing more on tapping the value of existing resources through synergy. In China, there are limited high-quality merger and acquisition targets or low possibilities of mergers and acquisitions; overseas, our medium to long-term goal is to obtain a production capacity layout of "over 5 million tons", but we will strictly grasp the timing and investment return. Overall, we adhere to a cautious, strategically oriented expansion principle.