Angang Steel Company Limited, a plc commonly known as Ansteel,
announced on Monday that Liu Jie, chairman and member on Ansteel's
board of directors, had resigned from both posts because of
retirement.
Ansteel is the steel making subsidiary of Anshan Iron and Steel
Group Corporation, a diversified conglomerate with headquarters in
Anshan, a city in northeast China's Liaoning Province.
The board of directors with Ansteel has agreed that Tang Fuping,
the incumbent vice chairman of the board, should serve as the
acting chairman until late March when shareholders will hold a
congress and formally elect a new chairman of the board.
The board of directors of Ansteel also suggested that Zhang
Xiaogang, the incumbent general manager of Anshan Iron and Steel
Group, serve as a managing director on the board. Zhang was elected
president of China Iron and Steel Association (CISA) early this
month.
When shareholders meet late in March, they will discuss the
proposal about Zhang's appointment as the managing director on the
board of directors with Ansteel and vote for their decision.
Anshan Iron and Steel Group produced 15 million tons of iron and
15 million tons of steel last year and will make 16 million tons of
iron and 16 million tons of steel this year.
China's steel industry generated a record 170 billion yuan
(about US$21.25 billion) in gross profits in 2006, up 39.8 billion
yuan (about US$4.98 billion) or 30.6 percent year on year.
(Xinhua News Agency February 27, 2007)