Vancouver, British Columbia-based Yalian Steel Corporation Thursday announced the resignation of Mr. Edward (Bud) M. Siegel Jr., who has served as the Company's Chairman and Acting CEO since May 19, 2009. Mr. Siegel will retain his role as Chairman and will continue with the Company as a director and a member of the board. The Company is in the process of recruiting a permanent CEO to replace Mr. Siegel. Ms. Xia Xu, the Company's VP Operations, will temporarily assume CEO duties pending the appointment of a new CEO.
"We wish to acknowledge the significant contributions of Mr. Siegel over the past twelve months and thank him for sharing his vast experience, insights and exceptional leadership qualities which have helped transition Yalian from a pre-operating stage company to one of the most technologically advanced LSAW steel pipe mills operating in China today," stated the Honorable Jacob (Jack) Austin, P.C., Q.C., Chairman of Yalian's Compensation and Corporate Governance Committee. "Bud has been a tremendous resource to the Company and I look forward to working with him in his continued capacity as a director and Chairman of the board".
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality LSAW steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year.