1、Table of ContentsManagement reportPageIntroductionCompany overview3History and development of the Company3Cautionary Statement Regarding Forward-Looking Statements8Key transactions and events in 20249Sustainable development highlights-striving to be a leader in the decarbonization of the steel indus
2、try10Risk Factors and Control12Business overviewBusiness strategy29Research and development30Sustainability development32Products and markets42Raw materials and energy46Sales and marketing47Intellectual property48Government regulations48Organizational structure59Properties and capital expendituresPr
3、operty,plant and equipment60Capital expenditures73Mineral reserves and resources75Operating and financial reviewEconomic conditions91Operating results100Liquidity and capital resources113Disclosures about market risk118Outlook120Management and employeesDirectors and senior management121Compensation1
4、33Employees148Corporate governance 150 Insider Dealing Regulation161Shareholders and marketsMajor shareholders162Related party transactions164PageMajor shareholders162Related party transactions164Markets165New York Registry Shares166Dividend distributions166Purchases of equity securities by the issu
5、er and affiliated purchasers166Share capital168Additional informationMemorandum and Articles of Association#Material contracts177Exchange controls and other limitations affecting security holders178Taxation179Evaluation of disclosure controls and procedures183Glossary-definitions,terminology and pri
6、ncipal subsidiaries185Chief executive officer and chief financial officers responsibility statement188Consolidated financial statements189Consolidated statements of operations190Consolidated statements of other comprehensive income191Consolidated statements of financial position192Consolidated state