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China steel industry association appoints new president(Xinhua)Updated: 2007-02-19 09:51 Anshan Iron & Steel Group Corporation's general manager Zhang Xiaogang has been elected president of China Iron and Steel Industry Association (CISIA), said sources with the company based in Anshan, Northeast China's Liaoning Province. Zhang was the successor of Xie Qihua, who became the chairman of the national association in September 2005 when she was chairman of Baosteel Group Corporation. The association came under spotlight in recent years in the discussion on iron ore prices between Chinese steel makers and international ore producers. Heads of Baosteel Group Corporation, Anshan Iron & Steel Group Corporation, Wuhan Iron and Steel (Group) Corporation and Shougang Group assume the post of CISIA president for a two-year term in turn. China's largest steel maker Baosteel Group Corp said late last year it had settled the iron ore price for 2007, at a 9.5 percent increase from last year, with the major Brazilian ore producer Companhia Vale do Rio Doce (CVRD). Major iron ore miners sign long-term supply contracts with major steel companies and the price is set through negotiation every year, to serve as a benchmark price for all iron ore products in the coming year. China's steel industry generated a record 170 billion yuan in gross profits in 2006, up 39.8 billion yuan or 30.6 percent year on year. (For more biz stories, please visit Industry Updates)
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