Chen Derong, chairman of Baosteel Co., Ltd., resigned due to work needs

Recently, Chen Derong, chairman of Baoshan Iron and Steel Co., Ltd. (hereinafter referred to as "Baosteel"), has resigned.

Chen Derong Infographic

According to the official website of the Shanghai Stock Exchange, Baosteel (600019. SH) announced on February 9 that the company recently held the 15th meeting of the sixth board of directors, in which it deliberated and passed the "Proposal on Adjusting the Members of the Board of Directors".

According to the above proposal, Chen Derong, the current chairman of Baosteel Co., Ltd., and Mr. Liu An, a director, proposed to the board of directors to resign as directors of the company and other positions in the board of directors due to the needs of work, and the board of directors nominated Zou Jixin, Zhang Jingang and Zhao Changxu as directors of the sixth board of directors of the company, and Mr. Zhang Kehua as independent directors of the sixth board of directors of the company. All Directors unanimously approved the Proposal and submitted it to the General Meeting of Shareholders for consideration.

In addition, the announcement of Baosteel shares also mentioned that the company's board of supervisors recently received a written resignation report submitted by Mr. Zhou Zhuping, chairman of the company's board of supervisors. Due to other work arrangements, Mr. Zhou Zhuping proposed to the Board of Supervisors to resign as a supervisor of the sixth board of supervisors of the company and other positions in the sixth board of supervisors.

According to the public resume, Chen Derong, born in March 1961, is a native of Yongjia, Zhejiang, who joined the party in February 1982 and joined the party in March 1992, graduating from Wuhan Iron and Steel Institute with a master's degree in iron and steel metallurgy. Chen Derong once served as the director of the converter steelmaking plant of Hangzhou Iron and Steel Group Corporation, the deputy general manager of Zhejiang Metallurgical Group (Hangzhou Iron and Steel Group Corporation), the vice mayor, mayor and secretary of the municipal party committee of Jiaxing, the vice governor of Zhejiang Province, the secretary of the Wenzhou Municipal Party Committee, and the standing committee member of the Zhejiang Provincial Party Committee. In August 2014, Chen Derong was appointed as the general manager of Baosteel Group Co., Ltd. (hereinafter referred to as "Baosteel Group") and the chairman of Baosteel Co., Ltd., a subsidiary of Baosteel Group.

Baosteel was founded exclusively by Baosteel Group in February 2000, and in December of the same year, Baosteel was listed on the Shanghai Stock Exchange.

On September 22, 2016, the State Council officially approved the reorganization of Baosteel Group and Wisteel Group to establish China Baowu Iron and Steel Group Co., Ltd. (hereinafter referred to as "Baowu Group"). At the same time, Wisteel Corporation limited to Wisteel Group(s) is a listed company of Wisteel Corporation (600005. SH) will be included in Baosteel shares as a whole, and Wisteel shares will be delisted.

On October 31 of the same year, the newly established Baowu Group held a meeting of middle-level and above management personnel, and Chen De was awarded the general manager and deputy secretary of the party committee of Baowu Group, and his position as general manager of Baosteel Group was naturally relieved.

On February 8 this year, Baowu Group announced that after review by the Listing Committee of the Shanghai Stock Exchange, it decided to terminate the listing of Wisco shares on February 14, 2017. Within 5 trading days from the date of announcing the decision to terminate the listing of WISCO shares, the shares of WISCO will be delisted and the shares of WISCO will be terminated.