Recently, Masteel approved its futures hedging business management methods and hedging plan for 2021. The company's largest hedging scales for iron ore, coking coal, coke, steel scrap, ferroalloy and steel material are 6 million tons, 960,000t, 480,000t, 600,000t, 60,000t and 2.4 million tons respectively. The agreed standing futures margin of the company is RMB100 million (USD15.45 million), and any hedging project that requires a margin of more than RMB100 million (USD15.45 million) must be submitted to the Board of Directors for deliberation and can't be implemented until it is approved by the Board of Directors.