It is reported that Sinosteel Corporation had its top leader replaced by the central government on May 16th 2011.

Mr Jia Baojun was appointed as president of Sinosteel Corporation, replacing former head Mr Huang Tianwen, Jiang Zhigang, an official at the state owned Assets Supervision and Administration Commission, announced the decision in a meeting at the central government controlled company.

Mr Jia, who has served as a general manager of subsidiary Sinosteel Corp Ltd since early 2010, also took over Mr Huang's position as deputy communist party chief at Sinosteel Corporation.

Caixin reported earlier that Mr Huang was removed from his post at Sinosteel Corporation. No reason was given for Mr Huang's removal. At 56, Mr Huang is nowhere near retirement age.

In addition to his post at Sinosteel Corporation, Mr Huang is the chairman of Sinosteel Corporation Limited. Since December 2003, Mr Huang had been at the helm of Sinosteel Corporation, formerly called China Iron and Steel Industry and Trade Group Corporation.

In 2008, Sinosteel took full ownership of Australian iron ore miner Midwest Corporation for USD 1.4 billion. But the project, which was still at an early stage of prospecting, suffered CNY 92.8 million in losses in 2009, contrary to earlier plans of iron ore production of 30 million tonnes a year.

The National Audit Office said in a report August 2010 that Sinosteel had significant problems in financial management.

(Sourced from www.caing.com)