Sinosteel appoints new gm

China’s State-owned Assets Supervision and Administration Commission (SASAC) has appointed a new gm for Sinosteel, one of the country’s largest iron ore traders.

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Xu Siwei, vp of China Minmetals, has been made gm of the Sinosteel group.

Jia Baojun was retained as chairman of its subsidiary Sinosteel Corp, a source from the company told Steel First.

A former senior executive from Wuhan Steel, Jia was first appointed president of Sinosteel group and chairman of Sinosteel Corp in May 2011, following the removal of then group president Huang Tianwen.

Huang’s removal was said to be linked to financial mismanagement of the company that led to it incurring massive debts.

Sinosteel used to be China's largest iron ore importer. Based on the volumes for the first 11 months of 2012, China National Building Materials Corp is now the largest importer.

Sinosteel imported about 19 million tonnes of iron ore during the January- November period, 15.5% lower year-on-year.

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