China Steel Takes Over Management of Tang Eng

Resource from: CBCC Likes:2916

Aug 12,2010

China Steel has stepped into the realm of stainless steel by dispatching Chiang Shih-yi, president of its subsidiary CHC Resources Corp., as the chairman of Tang Eng Iron Works Co., a major stainless-steel manufacturer in Taiwan. Chiang, a steel-refining expert, will succeed Wu Feng-sheng, who will return to the State-owned Enterprise Commission, under the Ministry of Economic Affairs (MOEA), following the expiration of the term for the transferred appointment in August. The MOEA required China Steel to dispatch a manager to fill the position. The government now holds over 50% stake in Tang Eng, including 8% owned by China Steel, while E United Group, a major private steel maker, controls 35%. Of the 11-seat board directors of Tang Eng, government representatives take six seats and E United five.

(CBCC)

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