VANCOUVER, May 13 /CNW/ - Yalian Steel Corporation (TSX-V: YL) ("Yalian" or the "Company") today announced the resignation of Mr. Edward (Bud) M. Siegel Jr., who has served as the Company's Chairman and Acting CEO since May 19, 2009. Mr. Siegel will retain his role as Chairman and will continue with the Company as a director and a member of the board. The Company is in the process of recruiting a permanent CEO to replace Mr. Siegel. Ms. Xia Xu, the Company's VP Operations, will temporarily assume CEO duties pending the appointment of a new CEO.
"We wish to acknowledge the significant contributions of Mr. Siegel over the past twelve months and thank him for sharing his vast experience, insights and exceptional leadership qualities which have helped transition Yalian from a pre-operating stage company to one of the most technologically advanced LSAW steel pipe mills operating in China today," stated the Honorable Jacob (Jack) Austin, P.C., Q.C., Chairman of Yalian's Compensation and Corporate Governance Committee. "Bud has been a tremendous resource to the Company and I look forward to working with him in his continued capacity as a director and Chairman of the board".
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality LSAW steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing and Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-70 and higher grade steel.
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This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.
SOURCE YALIAN STEEL CORPORATION
For further information: For further information: YALIAN STEEL CORPORATION: Murray Flanigan, Chief Financial Officer, Tel. No.: (604) 696-6388; For further company information please access our website: www.yaliansteel.com