Yu Yong, chairman of HBIS Group Co Ltd, one of China's largest steelmakers, was elected as the new chairman of the World Steel Association during its annual conference on Tuesday in Monterrey, Mexico.

"As China's economy has transformed from high-speed growth to high-quality development, the Chinese steel industry is taking the initiative to transform and upgrade itself to the stage featured by green materials, intelligence and globalization," Yu said.

Adhering to green and intelligent development is fundamental to the healthy development of the steel industry in China, he said.

According to Yu, the first batch of Chinese steel companies and associations joined the World Steel Association in 2004.

Five years later, the Chinese members hosted the association's annual conference in China for the first time. Its next annual conference will be held in China's Shanghai in October next year.

Yu said China's current steel output and consumption occupies about half of the world's total.

According to the website of the association, it is one of the largest and most dynamic industry associations in the world, with members in every major steel-producing country.

Its members represent around 85 percent of global crude steel production, including steel producers, national and regional steel industry associations and steel research institutes.