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China Steel Announces New President, Management Changes
12/30/2011 - The 14th Board of Directors of China Steel Corp., Taiwan, approved a number of management changes during its recent meeting, starting with the promotion of Vice President of Production Jyh-Yuh Sung to the position of President.
The 14th Board of Directors of China Steel Corp., Taiwan, approved a number of management changes during its 10th meeting held on December 28, 2011, starting with the promotion of Vice President of Production Jyh-Yuh Sung to the position of President.
Jyh-Yuh Sung succeeds the company’s current President Ou Chaw-Hwa who will retire on February 2012.
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Further, the company will transfer Vice President of Engineering Tsung-Ren Jeng to the new position as Vice President of Production. Former General Manager of Plant Engineering and Maintenance Department, currently President of China Steel Machinery Corp., Wen-Du Hsu will be promoted as Vice President of Engineering. The changes will be effective on February 1, 2012.
Vice President of Technology Yu-Soong Chen will leave his office to act as the Chairman of Chung Hung Steel Corp. Assistant Vice President of Technology Shyi-Chin Wang will be promoted as Vice President of Technology. These changes will be effective on January 1, 2012.
Vice President of Technology Yu-Soong Chen will leave his office to act as the Chairman of Chung Hung Steel Corp. Assistant Vice President of Technology Shyi-Chin Wang will be promoted as Vice President of Technology. These changes will be effective on January 1, 2012.
During the same meeting, China Steel’s Board of Directors also approved subscribing for 1.6 billion shares of Dragon Steel Corp. (DSC) for funding DSC’s expansion project through the private offering of capital increase. DSC will issue 1.6 billion common shares with the share price of NT$10 (par value NT$10) to raise NT$16 billion. China Steel, the sole shareholder with 100% ownership of DSC, will subscribe for the total amounts.
The Boards also approved the issuance of domestic corporate bonds amounting to NT$20,000 million. To replenish working capital, China Steel will issue domestic corporate bonds at a suitable time before the end of 2012. Total amount of issuance will not exceed NT$20,000 million.
The Boards also approved the issuance of domestic corporate bonds amounting to NT$20,000 million. To replenish working capital, China Steel will issue domestic corporate bonds at a suitable time before the end of 2012. Total amount of issuance will not exceed NT$20,000 million.
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