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Another "First" for Sinosteel Corporation

MEDIA RELEASE
Monday 31 March 2010

The company that pioneered Chinese investment in Australia's iron ore industry has again broken new ground – but in a very different way.

Sinosteel Corporation has become the first Chinese enterprise to produce a United Nations Global Compact-compliant Sustainability Report covering its Australian operations.

The "Sinosteel Corporation Sustainability Australia Report", released today, sets out Sinosteel's commitments in seven core fields:

  • Business
  • Environment
  • Health and safety
  • Employee relations
  • Community engagement
  • Aboriginal rights and cultural preservation
The Sustainability Australia Report covers the governance and management systems Sinosteel has developed for its operating companies.

In Australia these consist of two iron ore developments in Western Australia and a uranium exploration venture in South Australia.

Giulio Casello, Chief Operating Officer for Perth-based Sinosteel Midwest Corporation Limited, said today that the landmark report reflected Sinosteel's focus on world's best practice for sustainability issues.

"It is evidence of a new way of going about business by Chinese companies and is a strong, clear signal about how modern Chinese companies approach their corporate responsibilities at home and internationally," he said.

"We believe that taking account of the interests of all our stakeholders makes the most sense because business does best for longest when the benefits are spread."

"All Sinosteel entities are required by board-level mandate to achieve the highest standards for sustainable operations."

In a foreword to the Sustainability Australia Report, Sinosteel's President, Tianwen Huang, says:

"Because humanity shares a common future, sustainable development must be a shared task of all countries."

"Chinese companies have increasingly extensive impacts on the global economy, environment and society."

"Sinosteel Corporation will be continuously dedicated to promoting the prosperity and development of both the global economy and the harmony and progress of society."

In a letter supporting Sinosteel's sustainability goals, Western Australian Premier, Colin Barnett, welcomes Sinosteel's focus, and says:

"Western Australia is enormously proud of the high standard of its environmental requirements, and Sinosteel's commitment to world's best practice sustainability principles and reporting is extremely welcome in this context."

"Such undertakings serve to reinforce the professionalism and excellence that Chinese investment brings to Australian projects, and are, in many cases, an education for us as we come to understand more about our important Chinese partners."

The report, printed in both Chinese and English, is being distributed to a wide range of stakeholders, including governments, members of State and Federal parliaments, regulators, investors and employees. It is also being published on Sinosteel Midwest Corporation's website.

Sinosteel Corporation plays a key role in the supply chain for the Chinese steel industry. One of China's largest enterprises, it is active in the development, mining and processing of metallurgical minerals, trading, research and logistics.

It pioneered Chinese investment in Australian iron ore in the late 1980s when it became a partner with Rio-owned Hamersley Iron in developing the Channar joint venture in Western Australia's Pibara region.

In 2008 it acquired ownership of Midwest Corporation Limited, an Australian company holding large deposits of iron ore in the Mid-West region of Western Australia, from which it has begun exporting since late 2009. Sinosteel Midwest will underpin the development of the planned deepwater Oakajee port and rail project, north of Geraldton.

To view the Sinosteel Corporation Sustainability Australia Report, please click on the following link: http://www.sinosteelmidwest.com.au/pdf/Sinosteel Corporation Sustainability Australia Report 2010.pdf

ENDS

For more information contact:

Warrick Hazeldine Caroline Thomson
Purple Communications Purple Communications
P: 08 6314 6300 P: 08 6314 6300
M: 0417 944 616 M: 0410 479 489
E: whazeldine@purplecom.com.au E: cthomson@purplecom.com.au

About Sinosteel Midwest Corporation Limited

Sinosteel Midwest Corporation (Sinosteel Midwest) is developing iron ore and steel materials projects from one of the largest land holdings in the expanding Mid West resources region of WA. It has advanced production opportunities for iron ore at Koolanooka, Weld Range, Jack Hills and Robinson Range.

Sinosteel Corporation, one of China's biggest suppliers of raw materials to Chinese steel mills, purchased Midwest Corporation in 2008. It is committed to the responsible and sustainable development of Sinosteel Midwest's assets.

Sinosteel Midwest possesses the capital, resources, technical skills and the people to play a major role in the development of the Mid West region, and is positioned to continue doing so actively now, notwithstanding the global financial crisis.

Sinosteel Midwest continues to actively develop and explore the potential of its deposits and the outlook for the Company is exciting.

www.sinosteelmidwest.com.au

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