Xu Lejiang, a 47-year-old technology expert, has been nominated as a candidate for the board chairman of the third directorship of Baoshan Iron & Steel Co., Ltd. (Baosteel), according to the company's latest directorate meeting.

Xu's nomination signifies a shift from "large-scale expansion" to "technological development" by China's top iron & steel producer, analysts said.

Baosteel's present chairman Xie Qihua, the "Iron Lady" of China, will step down from Baosteel's directorate completely. This marks the first step of her exit from Baosteel Group after she succeeded in turning the once stagnant state-owned enterprise into a global giant, according to insiders.

As chief manager of Baosteel Group and chairman of the group's science association, Xu has "directly led the group to achieve 739 scientific and technological innovations and explore 104 new products, which have added about 140 million US dollars of net profit to the group," said a Baosteel statement.

Xu masterminded the treatise New Technology of Baosteel Production which won China's two special prizes for science and technology.

Baosteel's new directorate will focus on technological innovations and try to offer satisfactory returns to shareholders, Xu said after the directorate meeting on April 29.

Xie has set Baosteel the goal of becoming one of the world's top three iron & steel producers by 2010. Xu said the new directorate will grasp the strategic opportunity of industrial re-distribution and ensure Baosteel reaches the target.

Xu will formally become chairman of Baosteel after his nomination is approved by the shareholders meeting on May 17.

Source: Xinhua