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Unproductive expenditure reduction in headquarters

Jinan, June 22 - Since last year coal market has witnessed significant changes: price fell while inventory rose, major economic indicators deteriorated sharply. In order to cope with the current grim situation, the Group launched the austerity campaign, aiming at promoting the Headquarters’ role of leading the austerity style and reducing unproductive expenditures.

Strict control over personnel/position arrangement and salary increases has been imposed and will be carried through in line with the principles of streamlining and efficiency.

A 20% reduction has been assigned for annual costs of conference and celebration activities. While conventional conferences are preferred to be replaced by video meetings, celebrations and seminars with no particular priority shall be cancelled altogether in principle. A 15% reduction has also been assigned for annual costs of stationary through further utilization of OA system and inventory control.

Plus a 20% reduction of reception and travelling costs is also required. All non-productive construction project will be cancelled or halted.