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Chongqing Iron & Steel replacing some of its top management

Steel News - Published on Tue, 05 Dec 2017

Image Source: Visual China
Caixin Global reported that struggling steelmaker Chongqing Iron & Steel Co is replacing some of its top management with personnel from China’s biggest steel company, as part of a broader company overhaul after years of heavy losses. A group of Chongqing Iron & Steel executives, including General Manager Mr Li Rensheng and deputy general managers Mr Zhang Liquan and Mr Yao Xiaohu, have stepped down from their posts to facilitate a reassignment of positions, according to a stock exchange disclosure filed by the Shanghai-listed company.

The company also said that Mr Li Yongxiang vice president of Baoshan Iron & Steel, a Baowu Steel Group subsidiary, will take over the position of general manager at state owned Chongqing Iron & Steel.

Mr Lu Feng, previously assistant manager of Baowu Steel’s finance department, will become deputy general manager at Chongqing Iron & Steel, alongside the struggling company’s former general manager Mr Li Rensheng.

Mr Yu Hong, an economist who has held a number of positions at Baowu Steel, including in its securities department, will join Chongqing Iron & Steel as secretary of its board of directors.

Hit by falling demand in recent years, Chongqing Iron & Steel, which is also listed in Hong Kong, reported a net loss of 998.48 million yuan (USD 151 million) in the first half of 2017 an improvement from its net loss of 1.79 billion yuan in the same period last year.

Earlier this year, the company warned it could face bankruptcy while it restructures. But it later said some investors, including Baowu Steel Group and WL Ross & Co., were “optimistic” about the company’s revamp.

In November, Chongqing Iron & Steel announced a nearly 40 billion yuan debt-for equity swap with its creditors.

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Posted By : Sanju Moirangthem on Tue, 05 Dec 2017
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