CSC — Investor Presentation 2021

Jun 8, 2021

China Steel Corporation

June 9, 2021

26

1 3 Steel and Raw Material Dynamics

2 Operating Performance - - 電動車 再生能源 Agenda國防產業 3 產業升級 Key Strategies 4 Appendixes

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Safe Harbor Statement

This presentation may contains forward-looking statements. All statements other than historical and current fact, without limitation, including business outlook, predictions, estimates, are forward-looking statements.

Such statements are based current beliefs and upon management’s expectations and are subject to various risks, uncertainties and other factors that could cause actual outcomes and results to differ materially.

We caution readers not to place undue reliance on forward-looking statements as these statements speak only as of the date they are made, and we disclaim any obligation to, update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

This cautionary statement is applicable to all forward-looking statements contained in this presentation.

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worldsteel revises teel demand outlook up s

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• The World Steel Association (worldsteel) estimates that the global steel demand will grow by 5.8% in 2021 and will continue to grow by 2.7% in 2022.

• In 2020, the steel demand of most countries fell sharply due to COVID-19, but the aggregate global demand fell slightly thanks to China’s 9.1% demand growth rate.

• The stimulus packages rolled out by various countries are expected to boost steel demand.

• Under the vaccination plan, the situation of COVID-19 is coming under control.

Source ： worldsteel SRO, 2021.04.15

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Macroeconomic overview

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• With growing vaccination rates, the developed economies, such as the US and Europe, saw continuous economic growth. The roll-out of infrastructure plan and recovery of private consumption drives up demand for commodities.

• China's economy shows strong momentum. Due to inflation concern, the government launched several control policies recently. However, with relatively better containment of COVID-19, the export, investment, and consumption activities are expected to maintain expansion.

• In Asia, some region experience a surge in coronavirus cases recently, but the surge has not yet impacted on industrial production. The spread of the pandemic should be closely watched, which may pose more challenges for the tightened shipping capacity and supply chain activities.

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Major steel market dynamics

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 US&EU ：

• The economic performance of countries in the EU and US remains decent thanks to the containment of coronavirus through vaccination and the stimulus package launched by the governments.

• The strong demand in steel-using industries, such as automobiles and construction, and the shortage of labor and tightened shipping capacity on the supply side makes the steel market worldwide in short supply, which contributes to the recordhigh steel prices in the US and EU. Most of steel mills have had their production in Q3 fully booked.

 China ：

• In the two sessions, the Chinese government has proposed a plan to peak emissions by 2030 and achieve carbon neutrality by 2060. As the carbon emission from steel industries takes 15% of the total emissions in China, it’s imperative to limit the crude steel production.

• The Chinese government removed the export tax rebate for certain steel products, such as hot-rolled coils and wire rods staring from 1[st] May 2021, which could better stabilize the international price. After the May 1 holiday, the sudden surge in commodities prices triggered the government to adopt measures to crack down on speculation, which weakens the spot price recently. However, the steel price is expected to turn stable as the raw material cost is still at a high level.

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Major steel market dynamics

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 Southeast Asia ：

• The countries of Southeast Asia have expanded their infrastructure investment and the automobile and motorcycle manufacturers also resumed their production gradually. The steel demand is expected to be better than that of last year.

• Thanks to the strong local demand in Vietnam, the export quotes from steel mills in China, Japan and Korea kept raising and the local price further increased. Recently the export quotes from China decreases slightly, but the local spot price remains stable. The impact of pandemic in Southeast Asian countries on the steel market will be continuously watched.

 Taiwan ：

• Benefiting from the return of supply chain members, the ongoing construction activities and rising demand for passenger vehicles have driven up the steel consumption from sectors such as steel structure, automotive components, etc. The economy keeps growing steadily.

• Though Taiwan reported a surge in COVID-19 cases recently, the manufacturing industry has yet to be affected. As most of the industries in Taiwan are exportoriented and vulnerable to fluctuations of the global economy. The development of COVID-19 worldwide remains one of the key factors for future market growth.

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Vehicle
Construction
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Raw material price trend

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The incoming raw material price in 2020~2021 Percentage change compared to Dec. 2019 CSC incoming raw material price trend

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90.00%
The iron ore price surged in 2021 and the coking coal price 82.33%
80.00% remained range-bound at a low level. As a result, the
70.00% average raw material cost was climbing gradually.
60.00%
50.00%
39.01%
40.00%
28.08%
30.00%
16.79%
20.00% 15.27%
9.32%
5.97%
10.00% -0.15%
1.22%
0.00%
-10.00%
201912 202001 202002 202003 202004 202005 202006 202007 202008 202009 202010 202011 202012 202101 202102 202103 202104
-20.00%
-19.87%
-30.00% -24.08%
-32.37%
-40.00%
Iron Ore Coking Coal Raw Material Cost Contained in Hot Metal
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Consolidated Financial Performance

Consolidated Financial Performance	Consolidated Financial Performance	Consolidated Financial Performance	Consolidated Financial Performance	Consolidated Financial Performance	Consolidated Financial Performance	Consolidated Financial Performance
L i l
Amount: NT$ million atest operatng resuts Item 2021.4* 2021.3 MoM 2021.1~4 2020.1~4 YoY* Operating Revenue 36,906 36,895 0% 134,728 103,353 30% Operating Income 5,512 5,388 2% 18,002 (2,585) 796% Operating Income Margin 14.94% 14.60% 13.36% -2.50% Income Before Income Tax 6,169 5,637 9% 19,268 (3,060) 730%
Item	*2021.4	2021.3	MoM	*2021.1~4	2020.1~4	YoY
Operating Revenue	36,906	36,895	0%	134,728	103,353	30%
Operating Income	5,512	5,388	2%	18,002	(2,585)	796%
Operating Income Margin	14.94%	14.60%		13.36%	-2.50%
Income Before Income Tax	6,169	5,637	9%	19,268	(3,060)	730%

*preliminary result

Quarterly profits trend

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NT$ million  The monthly pricing for domestic
14,000 15.00% sales has increased since July as
12.77%
12,000 13.00% countries lifted restrictions in 2020H2.
10,000 11.00%
 Thanks to the increase of both
8,000 9.00%
monthly and quarterly pricing, the
6,000 7.00%
ASP increase was larger than that of
4,000 5.00%
6.70% ASC, even though the cost of raw
2,000 3.00%
328 5,867 6,260 12,489 13,099 material also increased in the same
- 1.00%
-155
period. As a result, the profit keeps
-2,000 -0.20% -1.00%
2020.3Q 2020.4Q 2021.1Q
growing in Q4 and Q1.
Operating Profit Pretax Income Operating Margin 10
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Standalone Production / Sales Performance

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Sales analysis

• The sales volume has rebounded significantly from Q4 as global downstream industries resumed production and steel demand recovered. Demand outlook for 2021H1 remains positive.

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thousand tons
2,639
2,453 2,490
67% 67%
60%
Sales Volume
Domestic Sales
2020.3Q 2020.4Q 2021.1Q
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 As the supply of slabs from Nippon Steel’s Wakayama Steel Works reduces since 2021, CSC no longer arranges these slabs and the procurement shifted to Chung Hung Steel. As a result, CSC’s standalone sales of slabs decreased.

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2021.Q1 Sales value breakdown Production analysis
thousand tons
2,480
2,451
Billet/Slab,
Bar, 9% 5% Hot Rolled, 2,108 2,188
24%
2,088
Export 31%
Plate, 10%
1,814
Wire Rod, Domestic 69%
16%
Cold 2020.3Q 2020.4Q 2021.1Q
Rolled, 36%
Crude Steel Production Product Production
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– 2021.Q1 Sales Analysis CSC standalone

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2021.Q1 sales volume totaled 2.49 million tons – Sales Breakdown

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Hot-Rolled,
27.0%
Cold-Rolled,
17.3%
Billet/Slab, 6.8%
China
23.1% Japan 15.5%
Coated Products,
16.2%
Bar/Rod, 22.5%
Plate, 10.2%
Export
Ship-building 0.5% 33.39%
Wire-rope 0.5% 0.83 million Others 29.6%
Hand tools 1.0% Domestic
tons
Vehicles 4.3%
Piping 5.7% 66.61%
Trader 6.0% 1.66 million tons
Steel structure 6.7% S.E Asia 31.8%
Others 10.3%
Coil center 12.3%
Re-rolling 12.9%
Bolts-nuts 16.3%
Direct users 23.5%
0% 5% 10% 15% 20% 25% 30%
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- 2021.Q1 Sales Analysis CSC & BF products of DSC

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2021.Q1 sales volume totaled 3.45 million tons – Sales Breakdown

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Hot-Rolled,
42.9%
Cold-Rolled,
12.5% China
20.5% Japan 15.2%
Billet/Slab, 9.3% Coated Products,
11.7%
Plate, 7.4%
Bar/Rod, 16.2% Export
Ship-building 0.4% 37.76%
Wire-rope 0.4% 1.30 million Others 26.8%
Hand tools 0.8% Domestic
tons
Vehicles 3.4%
62.24%
Trader 5.0%
Steel structure 5.5% 2.15 million tons
Piping 7.3% S.E Asia 37.5%
Coil center 10.7%
Bolts-nuts 12.6%
Others 14.9%
Direct users 18.3%
Re-rolling 20.7%
0% 5% 10% 15% 20% 25% 30%
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Consolidated Income Statement

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IFRSs	Units: NT$ millions	Units: NT$ millions	Units: NT$ millions
	2021.Q1	2020.Q1	YoY
Revenues	97,822	77,919	+26%
Gross profit	15,973	913	+1650%
Gross margins	16.33%	1.17%
Profit (loss) before tax	13,099	(2,566)	+610%
Net profit (loss)	10,808	(2,119)	+610%
Attributable to
Owners of the corporation	9,027	(2,256)	+500%
Non-controlling interests	1,781	137	+1200%
Earnings Per Share(NTD)	$ 0.58	($ 0.15)	+487%

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Consolidated Financial Position

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Units: NT$ millions

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105.15%
101.15% 100.66%
96.77% 96.86%
93.10%
676,122 667,716 674,527 666,632
636,083 647,964
51.25% 50.29% 49.18% 50.17% 49.20% 48.21%
346,542 335,764 331,729 334,417
312,976 312,407
37.62%
35.71% 34.50%
31.57% 31.95% 30.36%
254,390 238,426 212,949 229,965 203,225 196,700
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 03/31/2021
Asset Debt Net Debt ＊ Debt/Equity Debt/Asset Net Debt/Asset
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• Cash flows from operating activities remains steady; keep paying back debts and reducing debt ratio.

• Keep reducing financial costs by issuing corporate bonds and paying back US dollardenominated debt in recent years.

• Credit rating: Taiwan Ratings twAA- ; Outlook Stable (2021.04.23) Fitch Ratings AA-(twn);Outlook Stable (2020.12.23)

＊ 2014~2017 ：

Net debt = Interest Bearing Debt – cash & cash equivalents – ( financial assets at fair value through profit or loss-current+ available-for-sale financial assetscurrent +held-to-maturity financial assets-current+ derivative financial assets for hedging-current) ＊ 2018~ ：

Net debt = Interest Bearing Debt – cash & cash equivalents – ( financial assets at fair value through profit or loss-current+ financial assets at fair value through other comprehensive income-current)

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Historical EPS and Dividends Paid

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	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Dividend payout(%)	85	132	86	70	102	82	81	63	88	600
Cash Dividend payout(%)	74	105	67	70	102	82	81	63	88	600

in NTD per share

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2.00
1.00
-
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Cash Dividend Stock Dividend EPS
0.15
0.20
1.01 1.00 1.00
0.10 0.85 0.88
0.70
0.40 0.5
1.36 0.38 1.05 1.43 0.49 1.04 1.09 0.57 0.3
0.5
1.58 0.05
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10 Measures

1. Develop Advanced Premium Steel 2. Establish Excellent Manufacturing Capability 3. Improve Marketing Capability 4. Deepen the Upgrade of Steel-using Industry 5. Introduce the Application of AIoT 6. Build up Highly Efficient Business Systems and Processes 7. Move towards High Productivity 8. Pass on and Enhance Corporate Culture 9. Explore and Cultivate in the Green Industry Business 10. Mitigate Coal Phase-out and Carbon Reduction Pressure

 . Transform into a high value-added steel mill through intelligent innovation  Expand new business opportunity in promising industry through 18 engagement in the green energy field.

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Develop Advanced Premium Steel

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Definition of Advanced Premium Steel (APS)

Products with ”High Technical Content, High Profitability, High Industrial Benefit,” creating over 20% gross profit margin.

Focus on 8 items(Meet customers' needs & Follow industry trend)

	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)	Focus on 8 items(Meet customers' needs & Follow industry trend)
	High- Quality Forging Steels	Superior Hand Tool Steels	High Performance Structural Steels	Steel for Green Energy	Ultra-High Strength and Toughness Steels	Advanced Alloy Steels	Cross- Generational Automotive Steels	Ultra- High Efficiency Electrical Steels
	Year			2021	2022	2023	2024	2025
	Advanced Premium Steel volume target			35.0	46.2	58.5	71.3	85.2
	Total sales volume target (Not including leeways, secondary and salvage products, and semi-products)			833	840	848	849	852
	Advanced Premium Steel proportion target (%)			4.2%	5.5%	6.9%	8.4%	10.0%
	~~(Unit: 10 thousand tons)~~

 Sales volume of APS to achieve 10% in 2025 and 20% in 2030.

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 In 2021Q1, the sales volume of APS reached 124.4 thousand tons, accounting for 6.44%.

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- Deepen the Upgrade of Steel using Industry

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Cultivating core technologies Integrating the resources from government, academia and research institutes to execute the collaborative programs such as power system of EV.

Facilitating industry 4.0

• Constructing industry cloud to enhance cross-factory efficiency.

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• Introducing AI-based production and marketing.

Promoting industry service teams

EVI-based Concurrent Engineering

Providing multi-program of process technology, quality control, logistics management, etc. to cultivate medium-sized enterprises.

Establishing JRL to proceed overall researches from materials to end products and enhancing the effect of industry chain.

Promoting Integrated Innovation Facilitating Upgrade and Transformation Generating Demand and Benefits from Advanced Premium Steel

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Explore and Cultivate in the Green Industry Business

Sing Da Marine Structure Corporation - Substructures

• Officially commenced operation in January, 2020

• Capital: NTD$6.842 billion with equity ratio 50%, CSC holds 100% of shares.

• Progress: Producing the substructures for Orsted - Greater Changhua Offshore Wind Farm Project. The first 100% domestically made substructure will be produced in the 1H of this year.

China Steel Power Corporation - Offshore Wind Farm

• Capacity: Got distribution of 300MW grid capacity for installation.

• Developers: China Steel Corporation and Copenhagen Infrastructure Partners (CIP) jointly established China Steel Power Corporation to develop #29 offshore wind farm. CSC holds 51% of shares.

• Progress: Obtained the establishment permit, signed power purchase agreement (PPA) with Taipower, and passed the 2[nd] environmental impact assessment. The wind farm is expected to connect to the gird in 2024 and generate an estimated 1.1 billion kwh annual output.

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Explore and Cultivate in the Green Industry Business

CSC Solar Corporation

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Shareholding
CSC
10%
CEC
15%
CSCC
55%
20% DSC
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 Invested NTD 4.36 billion in setting up 84.8MW PV panels on the roof of factories in CSC group.

 Continue to deploy the rooftop photovoltaic power station in CSC group related industries, and enter into the ground-mounted PV projects when opportunities arise.

Year	2017	2018	2019	2020	2021	Total
Estimated Capacity Installed (MW)	30	30	20	3~5	3~5	86~90
Actual Capacity Installed (MW)	31.16	30.01	22.04	1.59	--	84.8
Electricity Output (100m kwh)	0.04	0.47	0.74	1.04	0.34 (until Apr.)	2.63

 As of Apr. 2021, the accumulated electricity output of solar power in CSC group reached 263 million kwh. Revenues from electricity sales reached $1.21 billion. Carbon reduction reached 134 thousand tons, equivalent to the CO2 absorption of 344 Taipei Daan Park. 22

(Estimated based on the 2019 Taipower electricity carbon emission factor, 0.509 kg CO2e/kwh)

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Environmental Protection Action

Became a TCFD supporter & adopted the TCFD framework.

Enclosed Building in Coking Coal Storage Yard

Investment on environmental protection

• Accumulated investment in environmental protection equipment reached 76.3 billion.

• Investment on air quality improvement projects in the recent 5 years reached 4.756 billion.

• To invest 44.714 billion in air quality improvement projects from 2020~2026.

Reduction of green house gas

• Participate in the GHG voluntary reduction program held by Industrial Development Bureau since 2005.

• Until 2020, 1,280 reduction projects has been implemented. Carbon reduction reached 1.875 million tons CO2e per year, equivalent to the CO2 absorption of 4,821 Taipei Daan Park. Water resources development

• Water recycled rate is 98.4%. (higher than the 65% required by the government)

• Won 16 Water Conservation awards from the Water Resources Administration of Ministry of Economic Affairs .

• The first company in Taiwan to use domestic reclaimed water.  Fengshan Creek reclaimed water was introduced in 2018.

Introduce the reservoir for reclaimed water

• Linhai reclaimed water will be introduced in early 2022.

• Built a seawater desalination pilot plant in March 2021.

• Target: Develop an integrated seawater desalination process, which produces water at a cost less than NTD 25/ton in 2 years.

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ESG performance

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ESG Performance

• 2021.05 CSC was ranked top 5% in TWSE listed companies in the 7th (2020) Corporate Governance Evaluation.

• 2020.11 CSC received the highest honor - “Top 10 Domestic Companies Sustainability Model Awards (Manufacturing Industry)” by Taiwan Corporate Sustainability Awards (TCSA).

• 2020.11 CSC won the “Leader in Sustainability Resilience Award” by British Standards Institution (BSI).

• 2020.11 CSC was included in the Emerging Market Index of Dow Jones Sustainability Index (DJSI) for the 9th consecutive year.

• 2020.10 CSC was ranked 50th in the 100 Most Sustainably Managed Companies in the World by Wall Street Journal, and became one of the five Taiwanese companies awarded.

• 2020.08 CSC was selected as one of the Top 50 Large Enterprises (ranking No. 17) of 2020 Excellence in Corporate Social Responsibility Award by CommonWealth Magazine.

• 2020.06 CSC won the 2019 Sustainability Champions of World Steel Association (worldsteel).

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Thank you!

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- Company overview Business snapshot

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• CSC is the leading Taiwanese steel manufacturer with integrated production capabilities. Crude steel capacity of CSC Group reached about 16 mmt.

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CSC Group domestic market share ( 2021.Q1 )
87%
23%
55%
12% 34%
81%
74%
50% 55%
43%
26% 30%
Hot- Bar/Rod Electro- Plate Cold-rolled Hot-rolled Electrical
中鋼集團 Galvanized Galvanized Steel
Steel
CSC Dragon Steel Chung Hung
----- End of picture text -----

• CSC: 9.9 mmt

• DSC: EAF & No.1&2 BF around 6 mmt

• Dominant position in the domestic market

• Focus on Leading-edge Steel Mill & green energy business.

Improve the percentage of high-end and high-margin products.

Trading and Service and Logistics Investments

Industrial Materials

Steel Engineering

• CSC • CSSC

• CSCC

  • Gains Investment

• CSE

• CHS • China Ecotek

• CHC Resources

  • China Steel Security

• CSGT

• DSC

• CSMC

• CSAC

• CSMQ

• CSC Steel Sdn. • Info-Champ Bhd. Systems

• Himag Magnetic

• CSMK

• CPDC

• CSPM

• CMC

• CSVC • SDMS

• China Steel Resources

• CSC Solar

• CSCI

• China Steel Power

• KRTC

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– Company overview Overseas production sites and sales channels

Established southbound overseas production sites and sales channels to breakthrough tariff barriers.

Established southbound overseas production sites and sales channels to breakthrough tariff barriers.

Established southbound overseas production sites and sales channels to breakthrough tariff barriers.

Vietnam CSGT Metals Vietnam Company Vietnam Hanoi Steel Center Co., Thailand Nippon Steel Thai Sumilox Co., Ltd. China PCMI Metal Products (Chongqing) Co., Ltd Italy Ardemagni SpA Thailand NST Coil Center (Thailand) Ltd. Thailand TSK Steel Co., Ltd. India Mahindra Auto Steel Private Limited China Xiamen Chunyuan Precision Mechatronic Co., Ltd China Maruichi Metal Product (Foshan) Co., Ltd

Malaysia CSCSteel Sdn. Bhd. CSC holds 46% of CSHB Capacity: CR 0.48 mmt (CRC 0.24 mmt including PO, GI 0.17 mmt, PPGI 0.07 mmt) Joint Stock Ltd. India China Steel Corporation India Pvt. Ltd. (CSCI) CSC holds 100% of CSCI Capacity: ES 0.2 mmt Vietnam China Steel and Nippon Steel Joint Stock Co. (CSVC) CSC holds 56% of CSVC Capacity: 1.2 mmt (CR 0.5 mmt, GA/GI 0.3 mmt, ES 0.2 mmt, PO 0.2 mmt) China Changzhou China Steel Precision Materials Co., Ltd. CSC holds 70% of the equity interest Capacity: 8,000 metric tones China Qingdao China Steel Precision Metal Co., Ltd CSC directly and indirectly holds 70% stake China China Steel Precision Metals Kunshan Co., Ltd. CSC holds 80% stake

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Overseas Investments of CSC group

Co-invest in coil centers with peers and customers through China Steel Global Trading Co.

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Segment revenues and operating results

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		Unit : NTD Thousands	Unit : NTD Thousands	Unit : NTD Thousands
2021.1Q	Steel	Others	Adjustment & Elimination	Total
Revenues from external customers	$ 77,841,149	$ 19,980,449	$ -	$ 97,821,598
Inter-segment revenue	21,409,928	12,680,533	( 34,090,461)	-
Segment revenue	$99,251,077	$ 32,660,982	($ 34,090,461)	$ 97,821,598
Segment profit (loss)	$ 10,687,747	$ 2,314,329	($ 512,888)	$ 12,489,188
Interest income	32,351	40,471	( 9,874)	62,948
Financial costs	( 369,997)	( 144,470)	35,870	( 478,597)
Share of the profit (loss) of associates	5,331,798	914,961	( 5,950,766)	295,993
Other non-operating income and expenses	400,468	527,102	( 197,922)	729,648
Profit (loss) before income tax	16,082,367	3,652,393	( 6,635,580)	13,099,180
Income tax	1,989,891	423,574	( 122,027)	2,291,438
Net profit (loss) for the period	$ 14,092,476	$ 3,228,819	($ 6,513,553)	$ 10,807,742

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