Mon, Oct 24, 2016 - Page 16 News List

China Steel president named new chairman

COMMON GROUND:China Steel president Wong Chao-tung has said that he would work with the government’s ‘new southbound policy,’ as it fits the company’s goals

Staff writer, with CNA

China Steel Corp (CSC, 中鋼) president Wong Chao-tung (翁朝棟) has been appointed as chairman of the company, ending weeks of speculation over who would lead Taiwan’s biggest steelmaker.

Executive Yuan spokesman Hsu Kuo-yung (徐國勇) on Saturday said that Wong would formally assume his new post soon.

The Ministry of Economic Affairs is to hold a news conference today to announce Wong’s appointment, Chinese-language Economic Daily News reported yesterday.

The ministry holds a majority stake in the company, whose chairman is appointed by the Executive Yuan.

Vice Minister of Economic Affairs Shen Jong-chin (沈榮津) assumed the company’s top position on an interim basis earlier this month, as the Cabinet could not decide on a name after former company chairman Andrew Sung (宋志育) retired at the end of last month.

Wong, 62, was assigned to supervise the building of a cold-rolled steel plate plant in Vietnam six years ago.

He returned to Taiwan in January to serve as the chairman of China Ecotek Corp (中宇環保), a subsidiary of China Steel.

After assuming the post of CSC president in June, Wong said he would work with the government’s “new southbound policy,” which ties in with the company’s aim to reach out to ASEAN and South Asia to improve the competitiveness of Taiwan’s steel industry.

The company is to hold a board meeting on Nov. 8 to sign off on Wong’s appointment.

CSC vice president Liu Jih-gang (劉季剛) might be promoted to take over Wong’s position as president and obtain the board’s approval the same day, the Economic Daily News reported.

CSC shares, which closed at NT$22.2 on Friday, have gained 23.68 percent so far this year, compared with the broader market’s increase of 11.62 percent over the same period, Taiwan Stock Exchange data showed.

The company’s aggregate pre-tax profit for the first eight months of the year grew 24.48 percent from the same period of last year to NT$13.91 billion (US$439.77 million at the current exchange rate), the company said on Sept. 26.

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