China Business News reported that Rizhao Steel Group sent the legal representative of its subsidiary Rizhao Iron and Steel, Xue Jian to take up the post of executive director of Kaiyuan Holdings in order to strengthen the group control over Kaiyuan.

Mr Hu Yishi Kaiyuan former executive director sold his 7.9% stake in Kaiyuan in December 2010. Rizhao Iron and Steel is currently the largest shareholder of Kaiyuan Holdings.

Shandong Iron and Steel Group expect to complete the restructuring of Rizhao Steel Group by the end of February 2011. At present the core assets of Rizhao Steel Group are owned by Kaiyuan Holdings.

(Sourced from China Business News)