Yalian Steel Corporation announced that Mr Xinduo Yu and Mr Paul Kelly who have served as the Company's Chairman and Acting CEO, respectively, since December 3rd 2008 have stepped down from those positions and that Mr Edward M Siegel Jr has been appointed as chairman and acting CEO of Yalian.
Mr Yu and Kelly will remain as directors of Yalian.
Mr Siegel's career in the steel industry spans over forty years. Most recently, he served as the President and Chief Executive Officer, and a director, of Russel Metals Inc one of the largest metals distribution and processing companies in North America with revenue in 2008 of approximately USD 3.4 billion.
Mr Jacob (Jack) Austin chairman of Yalian's Compensation and Governance Committee said that "Bud Siegel is an exceptional leader with a vast amount of industry experience, making his appointment as Chairman and Acting CEO a real win for Yalian. On behalf of the board and management of Yalian, I wish to congratulate him on his expanded role with the Company. We also want to acknowledge the significant contributions made by Xinduo and Paul and look forward to their continued support as members of the board."
Yalian Steel is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded steel pipe to service Asia's rapidly growing energy transportation infrastructure market.
