Reduction in Export Drawback on Steels Denied in Chorus by Ministry of Commerce of China (“MOFCOM”), China Iron and Steel Association (“CISA”) and Hebei Iron & Steel Group Co. Ltd. (“HBIS”)

On account of the hearsay that MOFCOM is considering reducing the export drawback on hot rolled, cold rolled, and coated steel products and removing the export drawback of 9% on the hot rolled while reducing the export drawback on cold rolled and coated products to 9% from 13%, it was learned on May 26, 2010 that, none of MOFCOM, CISA or the "source of the information" HBIS has acknowledged such saying.