China Baowu Steel Group Corporation, a state-owned enterprise, has announced a change in leadership. CHEN Derong, chairman and Party secretary, will be succeeded by HU Wangming,
The retirement age for top executives in large state-owned enterprises is 60, with a maximum of 63 and rarely extended to 65. Chen is 62.
Chen’s tenure saw significant changes, including the restructuring of major steel enterprises and Baowu surpassing ArcelorMittal S.A., to become the world’s largest crude steel producer. Baowu now has over 220,000 employees.
Chen always advocated specialized integration and resource allocation efficiency.
Hu’s task as chairman and Party secretary is to increase crude steel production to 180-200 million tons and raise the company’s domestic market share to 20 percent. Hu, 58, has held various positions in the industry. A natural successor to Chen, Hu joined Baowu in 2018 as vice general manager and deputy secretary of the Party committee.
