State-owned firm says it has financial difficulties as the economy decelerates

Sinosteel Corp President Jia Baojun is reported to have been removed from his post, according to people familiar with the situation, after the State-owned steel trader said it is facing financial difficulties.

The State-owned Assets Supervision and Administration Commission also discharged him from his position as chairman of unit Sinosteel Corp Ltd this month, according to two people who have seen an internal notification of his departure. An official from the Beijing-based Sinosteel said on Tuesday that the company is facing difficulties amid slowing economic growth, with some accounts receivable not collected on time.