Iron firm heads resign

Hebei Iron and Steel Co Ltd announced that its president Wang Yifang and deputy general manager Peng Zhaofeng had resigned on Tuesday, according to a filing released Wednesday on Shenzhen Stock Exchange.

The filing explained their leaving as "job changes." The company refused to reveal more details, news portal ifeng.com reported Tuesday.

Wang has been involved in a scandal since March, the reports said, noting that a company owned by Wang's brother had been using the assets of Hebei Iron and Steel Group without making any payments for four years.

During Wang's tenure, the company's output increased but its profit kept declining, the report said, noting the profit in 2012 saw a 92 percent decrease year-on-year.