On a specific date, the world's steel giant ArcelorMittal and China Oriental jointly held the groundbreaking ceremony for a new $1 billion investment in the construction of a new energy soft magnetic materials project in Changzhou, Jiangsu Province. This follows the launch meeting for the ArcelorMittal Jingxi New Materials (Tangshan) project on a previous date, marking the comprehensive advancement of the high-tech, green, intelligent, and digital new energy soft magnetic materials project into the full-scale substantive construction phase.

Han Jingyuan, Chairman and CEO of China Oriental Group, and Sanjay Sharma, Vice President of ArcelorMittal Group and CEO of China Region, attended the event and spoke on behalf of the Soft Magnetic Materials Project Executive Committee. Zhu Jun, Executive Director of China Oriental Group, conveyed the "Notice on the Establishment of the Changzhou Project Preparation Team and Appointment of Personnel" on behalf of the Executive Committee. Fernando Teixeira, CEO of the Changzhou Project, and the heads of each project preparation team made statements respectively. The kick-off meeting was chaired by Fernando Teixeira. Relevant personnel from ArcelorMittal Group, the Executive Committee of China Oriental, and the Changzhou Project team attended the meeting.

Han Jingyuan said in his speech that today's kick-off meeting marks the full implementation and advancement of the new energy soft magnetic material project, taking an important step forward. The new energy soft magnetic material project is a testament to the close cooperation between both parties, aiming to create industry-leading high-end products through high technology, green, intelligent, and digital means, in line with the requirements of new quality productivity and the high-quality development needs of both parties, which is of great significance to both sides. On a certain date, we held the Tangshan project preparation kick-off meeting at Jinxi. Today, we are holding the Changzhou project preparation kick-off meeting here to establish the organizational structure for the Changzhou project, clarify goals and responsibilities, accelerate the project's progress, and lay a solid foundation for its early commencement, production, and reaching production capacity.

Han Jingyuan pointed out that the new energy soft magnetic materials project is one of the largest investments by European enterprises in China in recent years. As a model of cooperation between both parties, it is both a pressure and a challenge. It must be approached with firm confidence, meticulous planning, and careful arrangements to ensure the project's success. The Changzhou project team must attach great importance to this, unify their thoughts, quickly assume their roles, refine their functional divisions, and quickly take their positions to expedite the commencement of various tasks. They must carefully plan, develop a schedule, meticulously sort out work nodes, and promptly establish a timeline, roadmap, and task list for downstream projects. Strengthening coordination and holding regular meetings for communication are essential to ensure rapid and efficient project advancement. High standards and strict requirements must be upheld, with a strong sense of responsibility and mission, to ensure thorough implementation and tangible results, striving to transform the project into a high-quality and exemplary engineering project within the industry, delivering a satisfactory report to the executive committee and the public.

Sanjay Sharma, in his speech, stated that China Oriental and ArcelorMittal have deepened their cooperation to launch the New Energy Soft Magnetic Materials project, with kick-off meetings held in Tangshan and Changzhou, marking a significant leap forward in their partnership and further advancing their development. The New Energy Soft Magnetic Materials project, characterized by high technology, green practices, and high digitization, contributes to the decarbonization of the new energy vehicle supply chain and China's high-quality sustainable development. It aims to set a new benchmark for green intelligent manufacturing, aligning with the government's strategic focus on the new energy sector and the promotion of traditional industry transformation and upgrading. With our firm commitment, leading technology, and professionalism, dedication, innovation, and diligence, we are confident in contributing to a more sustainable future together.

At the launch meeting, the notice of the establishment of the Changzhou project preparation team and the appointment of personnel was communicated. Members of the Changzhou project preparation team stated that they will fully leverage ArcelorMittal's strengths in project management, production management, and process technology to ensure the safety and advanced nature of the project, expedite its implementation, and ensure that it is completed and put into production according to the target schedule. They aim to start construction, achieve production, and see results as early as possible, transforming it into a high-tech, green, and intelligent factory that supports the development of the new energy industry.

The joint investment project in high-end, green, and digitalized new energy soft magnetic materials by Anmi and China Eastern aims to provide key materials for the rapidly growing new energy vehicle market, promote China's green transformation and manufacturing upgrade, and support the development of the new energy industry chain. The two parties each hold a % stake in the cooperative investment, located in Tangshan, Hebei Province, and Changzhou, Jiangsu Province, with a total investment of $ billion. It is one of the largest projects in recent years for European enterprises investing in China and also the largest project for foreign direct investment introduced into China's steel industry. The project integrates high technology, green, intelligent, and digital elements, primarily producing high-end new energy soft magnetic materials used in various motors, generators, transformers, and the motors of new energy vehicles, meeting the market demand for soft magnetic materials in China. Additionally, the project features green manufacturing, achieving % green electricity supply, and will bring high-end new energy soft magnetic material products and a complete green ecosystem, positioning itself as a global leading benchmark factory and green factory in the new energy soft magnetic materials industry.