At the 27th Meeting of the 4th Board of Directors, held on 28 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. a framework agreement on related-party transactions (draft)
3. a USD 290 mln (RMB 1.9 bln) project contract signed by Minmetals Engineering Technology Co., Ltd., a subsidiary of the company, and Chelyabinsk Steel Factory affiliated with the Russian Mechel Group, to reconstruct the universal mill of the No.3 Steel Rolling Workshop
4. for China Minmetals Shipping Agency Co., Ltd., a subsidiary of the company's controlling shareholder, to increase the registered capital of China Minmetals Shipping Agency (Rizhao) Co., Ltd. to RMB 2 mln with self-financed funds

The board of directors plans to convene the 1st 2008 Extraordinary General Meeting of Shareholders on 18 Nov 2008, at which the aforementioned proposals will be examined and considered for approval.

Board of Directors
29 Oct 2008


Source: Shanghai Stock Exchange

Date: 29 Oct 2008

CN01/BJ/VW/JL/JE/KM