The Board of Directors of Union Steel Holdings Limited announced that after preliminary assessment of the Group's unaudited results for the financial year ended 30 June 2020, the Board deems it appropriate to issue a profit guidance that the Group is expected to report a net loss for the fiscal year 2020. The expected net loss is largely attributable to the fair value loss in valuation of an investment property and goodwill impairment caused by the adverse of impact of the COVID-19 pandemic on business activities and economic outlook in the foreseeable future. The Group is still in the process of finalising its unaudited financial results for fiscal year 2020. Further details of the Group's financial results will be disclosed when the Group finalises and announces its unaudited financial results for fiscal year 2020 on or after 28 August 2020.