Maybe a political directive? A bit of background from various sources including Wikipedia, VamaChina, BusinessNewws & Wallmine:
Dr. Cao Zhiqiang serves as Non-Executive Director of the Company. Dr Cao is currently the Chairman of Hunan Valin Iron and Steel Group Company Ltd and brings extensive experience in technology and steel mill management, along with a deep background in international cooperation. Dr Cao joined Valin Xiangtan Steel in 1997 and has worked in a variety of roles, including Director of the Research and Development Centre, before being appointed Chief Executive Officer. He holds a PhD in Science and is a senior engineer research fellow. As the Non-Executive Director of Fortescue Metals, the total compensation of Cao Zhiqiang at Fortescue Metals is AUD$200,200. Zhiqiang was Chief Executive Officer for Valin Xiangtan Steel and joined the merged Hunan Valin Steel in 2018 rising quickly to be Chairman Of The Board and General Manager.
On the political side Cao Zhiqiang was appointed Party Secretary of the Changde Municipal Party Committee in November 2021 after his predecessor was placed under investigation for "serious violations of discipline and laws" by the Central Commission for Discipline Inspection (CCDI), the party's internal disciplinary body, and the National Supervisory Commission, the highest anti-corruption agency of China.
He holds no shares in FMG according to FMG's media release after this one today.
Always ending on a bright note - GLTAHs
Maybe a political directive? A bit of background from various...
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Last
$18.88 |
Change
-0.210(1.10%) |
Mkt cap ! $58.13B | |||
| Open | High | Low | Value | Volume |
| $19.25 | $19.26 | $18.80 | $114.8M | 6.045M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 2485 | $18.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.91 | 185 | 1 |
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| FMG (ASX) Chart |