Baoshan Steel Names Xu as Chairman After Ai Becomes Vice Mayor

Xu Lejiang, chairman of Baosteel Group Corp., China's biggest steelmaker, was elected as the chairman of its publicly traded unit after Ai Baojun was appointed as Shanghai's vice mayor.

Xu, 48, was elected yesterday by the board of the unit, Baoshan Iron & Steel Co., Baoshan said today in a statement to the Shanghai stock exchange. Ai has resigned as the Baoshan chairman, Chen Ying, a spokeswoman of Baoshan, said by phone. Xu will remain as Baosteel's chairman, Chen said.