1.(Jun.1987)  Signed Jointventures Agreement 
              with Main Shareholders.

2.(Jul.1987)  An Feng Steel Co., LTD. or AFS 
              Was Eetablished.

3.(Oct.1987)  AFS Started Construction of The 
              Hot Strip Mill.

4.(Dec.1987)  Contracted with MITSUI Co.,Ltd. 
              to Purchase Production Facilities.

5.(Jul.1988)  Drove The First P.C. Pile for 
              The Coil Yard.

6.(Sep.1988)  Contracted with Kawasaki Steel 
              for Water Treatment System.

7.(Jan.1989)  Set The First Roof Beam for Hot 
              Strip Mill.

8.(Feb.1990)  Contracted with Nissho Iwai 
              Corporation to Purchase The 
              First Set of Skin-Pass Line.

9.(Nov.1990)  Produced The First Hot Rolled Coil.

10.(Dec.1990) The First Lot of Import Slabs 
              Arrived at An Feng.

11.(Dec.1990) Began to Sell in The Domestic 
              Market.

12.(Apr.1991) Began to Export Hot Rolled Coils.

13.(Apr.1991) Trial Rolling of Stainless Steel.

14.(Sep.1991) Trial Rolling of HSLA Steel.

15.(Sep.1991) Finished Final Acceptance Test.

16.(Feb.1992) Start Up of Temper & Recoiling Line.

17.(May 1992) Held Ceremony for Online Connection 
              Between Hot Strip Mill and Temper 
              Recoiling Line.

18.(Oct.1993) Increased Capital by NTD$400 Million,
              Totalling NTD$4 Billion.

19.(Dec.1993) Annual Business Reached NTD$1.5 
              Trillion, Became 37th Biggest 
              Taiwan's Manufacturing Company.

20.(Jan.1994) Signed contract with Da Hsin to
              Underwrite Stock Issuance.

21.(Sep.1994) Increased Share Capital by NTD$300
              Million, Totalling NTD$4.3 Billion.

22.(Mar.1995) Applied for Bureau of Commodity 
              Inspection, Given First Class Standard
              Rating for AF's Quality Control.

23.(Dec.1995) Succeeded in Trial Rolling of 
              Embossing Plates.