Ruitai Materials Technology announced that the company has decided to terminate the restructuring plan with China Baowu. The restructuring, which started in 2020, involved issuing shares to purchase the assets of Wugang Group and Magang Holdings, as well as raising matching funds. In May 2021, the China Securities Regulatory Commission did not approve the restructuring project. After receiving a communication letter from China Baowu and the controlling shareholders, the company decided to terminate the plan due to difficulties in resolving competitive issues. This termination will not have a significant adverse impact on the company's normal operation, development strategy, or financial condition, and will not affect the business cooperation with China Baowu.