It is reported that the president of state owned Chinese metals producer and trader Sinosteel Corp, Mr Huang Tianwen, has been dismissed from his post amid dissatisfaction about some of the company's investment decisions.

The China Business News reported on its website, citing company sources, that the decision to fire Mr Huang was made by the State Assets Supervision and Administration Commission on May 13th 2011.

The newspaper said that General Manager Mr Jia Baojun would take over as president.

According to Caixin magazine, a 2010 investigation by the State Audit Commission revealed a number of "serious problems" relating to the management of Sinosteel and some of its investment decisions.

Sinosteel officials declined to comment to Reuters.

Sinosteel is one of China's biggest metals traders and has been involved in a long-standing iron ore joint venture with mining giant Rio Tinto Ltd in Australia. It also acquired a 100 percent stake in Australia's Midwest Corp in 2008, which was expected to produce 30 million tonnes of iron ore per year.

(Sourced from Reuters)