VANCOUVER, May 19 /CNW/ - Yalian Steel Corporation (TSX-V: YL) ("Yalian"
or the "Company") today announced that Xinduo Yu and Paul Kelly, who have
served as the Company's Chairman and Acting CEO, respectively, since December
3, 2008, have stepped down from those positions, and that Edward (Bud) M.
Siegel, Jr. has been appointed as Chairman and Acting Chief Executive Officer
of Yalian. Both Messrs. Yu and Kelly will remain as directors of Yalian. Mr.
Kelly has also voluntarily agreed to forfeit 400,000 options previously
granted to him by the Company to reflect the reduced duties to be assumed by
Mr. Siegel's career in the steel industry spans over forty years. Most
recently, he served as the President and Chief Executive Officer, and a
director, of Russel Metals Inc. (TSX: RUS), one of the largest metals
distribution and processing companies in North America with revenue in 2008 of
approximately $3.4 billion dollars.
"Bud Siegel is an exceptional leader with a vast amount of industry
experience, making his appointment as Chairman and Acting CEO a real win for
Yalian," stated the Honourable Jacob (Jack) Austin, P.C., Q.C., Chairman of
Yalian's Compensation and Governance Committee. "On behalf of the board and
management of Yalian, I wish to congratulate him on his expanded role with the
Company. We also want to acknowledge the significant contributions made by
Xinduo and Paul and look forward to their continued support as members of the
About Yalian Steel Corporation
Yalian Steel is a British Columbia corporation focused on the production
of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to
service Asia's rapidly growing energy transportation infrastructure market.
The Company is currently completing construction of its initial manufacturing
facility in the City of Yangzhou, in the Jiangsu province of China. Completion
of the first production line, with a capacity of 200,000 tonnes per year, is
scheduled for the fall of 2009. The Yangzhou Yalian plant will utilize the
JCOE (J-ing, C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe
production that involves the bending and shaping of X80 grade steel. The
process is well established worldwide, but relatively new in the China market.
For further information:
For further information: YALIAN STEEL CORPORATION: Hong (Iris) Duan,
Chief Financial Officer, Tel. No. (604) 696-6388