ANNOUNCEMENT BY JINGYE STEEL CO., LTD.

SHIJIAZHUANG, China, Aug. 25, 2026 /PRNewswire/ -- Jingye Steel Co., Ltd. (hereinafter referred to as "Jingye") hereby issues the following announcement regarding the full nationalisation of British Steel by the UK Government:

Five years ago, when British Steel stood on the brink of insolvency, Jingye decisively stepped in. Within a single year, it brought nine consecutive years of losses to an end. Over the past five years, Jingye has invested heavily in upgrading production lines, bringing previously outsourced operations back in-house and restoring blast furnaces. At its peak, it employed 4,887 workers, supported roughly 30,000 jobs upstream and downstream, and paid a cumulative total of £1.025 billion in wages and pensions, alongside £180 million in taxes. Despite the relentless headwinds of the COVID-19 pandemic, Brexit, the Russia–Ukraine war and the energy crisis, Jingye has remained true to its word, consistently creating value for British Steel and British society through concrete actions, thereby demonstrating the responsibility and commitment of a Chinese enterprise.

In July 2026, citing "public interest", the UK Government enacted emergency legislation to bring Jingye's UK assets entirely into state ownership, without providing fair compensation to date.

At 22:27 Beijing time on 21 July, Jingye released an official statement globally, setting out the facts and its unequivocal position. Within mere hours, over 1,200 mainstream media outlets worldwide republished the statement in full, spanning more than 45 countries including the US, the UK, France, Germany and Japan, drawing unprecedented international attention.

Jingye respects the exercise of national rights by all countries in accordance with the law. However, it must be pointed out that the UK Government's action of placing lawful foreign investment under state ownership via emergency legislation—without prior consultation or compensation—is inconsistent with the broad international consensus on compensation for expropriation, and undermines the fundamental fairness and mutual trust inherent in international investment relations. Such practices may have a long-term impact on global investor confidence in the UK's investment climate.

Jingye hereby once again urges the UK Government to face up to its obligations under international law, respect objective facts, honour its commitments to the rule of law and provide prompt, adequate and effective compensation for all of Jingye's losses. This is the minimum that is owed to a responsible enterprise, and more importantly, a necessary defence of the basic standards underpinning the international legal order.

Jingye will resolutely take all necessary legal avenues to safeguard its lawful investment rights and interests.

Jingye Steel Co., Ltd.
25 August 2026

(Note: In the event of any discrepancy or inconsistency between the original Chinese text and this English translation, the original Chinese text shall prevail.)