Hebei Province-based Chinese steel producer Hualing Steel Group has nominated its current general manager Cao Huiquan as the group's new president and chairman of the board of directors, replacing outgoing group president Li Xiaowei, as reported by Xiaoxiang Morning Newspaper.
In 2010, Hualing Steel Group suffered losses for the first time since its listing on the stock exchange. The total net loss of the group in 2010 reached RMB 2.644 billion ($414 million), mainly due to the net loss of RMB 2.667 billion ($418 million) posted by its subsidiary Hualing Lianyuan Iron and Steel.
Meanwhile, in the third quarter this year Hualing Steel Group's net profit to be distributed to stockholders of the group is expected to reach RMB 34.87-54.87 million ($5.5-8.6 million).