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Baosteel Group names He Wenbo as new president

Mon May 5, 2008 8:54pm EDT

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BEIJING, May 6 (Reuters) - Baosteel Group has named He Wenbo as its new group president, replacing Ai Baojun who left to become vice mayor of Shanghai late last year, China's top steelmaker said on its Web site (www.baosteel.com) on Tuesday.

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He, an engineer, has been vice president of Baosteel since 1998.

Baosteel is China's flagship mill, and the most active proponent of Beijing's policies of upgrading the country's steel facilities while buying into smaller rivals.

Its steel prices are likely to stay at a high level into the third quarter, following a sharp increase in the price of iron ore for the year starting in April, Fu Zhongzhe, president of its listed arm (600019.SS), told the China Securities Journal on Tuesday.

Baosteel usually announces third-quarter prices in late May. (Reporting by Lucy Hornby; Editing by Ken Wills)

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