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Angang Steel Company Limited, commonly known as Ansteel, announced on Monday that Liu Jie, chairman and member on Ansteel's board of directors, had resigned from both posts because of retirement.

Ansteel is the steel making subsidiary of Anshan Iron and Steel Group Corporation, a diversified conglomerate with headquarters in Anshan, a city in northeast China's Liaoning Province.

The board of directors with Ansteel has agreed that Tang Fuping, the incumbent vice chairman of the board, should serve as the acting chairman until late March when shareholders will hold a congress and formally elect a new chairman of the board.

The board of directors of Ansteel also suggested that Zhang Xiaogang, the incumbent general manager of Anshan Iron and Steel Group, serve as a managing director on the board. Zhang was elected president of China Iron and Steel Industry Association (CISIA) early this month.

When shareholders meet late in March, they will discuss the proposal about Zhang's appointment as the managing director on the board of directors with Ansteel and vote for their decision.

Anshan Iron and Steel Group produced 15 million tons of iron and 15 million tons of steel last year and will make 16 million tons of iron and 16 million tons of steel this year.

China's steel industry generated a record 170 billion yuan (about 21.25 billion US dollars) in gross profits in 2006, up 39.8 billion yuan (about 4.98 billion US dollars) or 30.6 percent year on year.

(For more biz stories, please visit Industry Updates)