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Valin Group Chairman Li Xiaowei Steps Down, Replaced by Cao

Hunan Valin Iron & Steel Group, the second biggest shareholder of Perth-based iron ore miner Fortescue Metals Group Ltd. (FMG), said its chairman Li Xiaowei stepped down because of his age, according to a statement on the Chinese steelmaker’s website yesterday.

Cao Huiquan, the general manager of Hunan Valin Steel Co., the public-traded unit of Valin Group, has been appointed as the replacement for Li, the statement said. Valin Steel, part-owned by ArcelorMittal (MT), the world’s biggest steelmaker, yesterday reported a profit of 44.9 million yuan in the third quarter, the first profit in seven straight quarters.

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net

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