[Hong Kong, 13 June 2008] Shougang Concord International Enterprises Co., Ltd. (the “Company”) announced that it has established a Joint Venture in China on iron ore exploration and pelletization, known as Qinhuangdao Shouqin Longrui Mining Co., Ltd. (“QSLM” 秦皇島首秦龍匯礦業有限公司). Qinhuangdao Shougang Plate Mill Co., Ltd., wholly owned subsidiary of the Company, owns 51% interest; while Qinhuangdao Shouqin Metal Materials Co., Ltd., held as to 76% by the Company, owns 9% interest, the remaining 40% is held by Qinhuangdao Longrui Group, a domestic mining and iron ore trading company. Effective holding by the Company in QSLM is thus approximately 56.8%.