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Print[Ferro-alloys.com] On the night of December 10th, Hebei Iron & Steel Group released an import announcement, declaring its chairman of the board Wang Yifang had submitted resignation to the board of directors.
According to the announcement, a board meeting was held and former vice chairman Yu Yong was elected the new chairman and Peng Zhaofeng was appointed general manager and director.
Hebei Iron & Steel Group is the largest steel enterprise of China. In the first three quarters of 2013, its revenue was RMB 82.7 billion, down 4.52% year-on-year; its net profit was RMB 0.117 billion, down 68.17% year-on-year. It was reported Wang Yifang might was related to corruption incident because his younger brother.
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