Executives of Hebei Iron and Steel, China's largest steel producer, declined to comment on state media's allegations that the resignation of the state-owned firm's chairman, Wang Yifang, might be linked to corruption. On Tuesday, Wang submitted his resignation as chairman due to "work changes", the Shenzhen-listed firm announced. He has been replaced as chairman by Yu Yong, the 50-year-old former managing director of Hebei Iron and Steel. I have heard the rumours, but there is no evidence of wrongdoing LI BOHAI, COMPANY LAWYE Wang, 55, who was appointed chairman in 2010, resigned before the normal retirement age of Chinese state-owned enterprise executives. Also on Tuesday, Hebei Iron and Steel received the resignation letter of its deputy managing director Peng Zhaofeng, whose departure was also related to "work changes", the company said. Peng had been nominated as a candidate for director, the firm said. An article on the website of Communist Party mouthpiece People's Daily dated yesterday said Wang was accused of links to "stolen mine assets". A Hebei Iron and Steel investor relations spokesman said he had seen the allegations but "did not understand the matter". He reiterated that Wang resigned due to "work changes". Li Bohai, a lawyer for Hebei Iron and Steel Group, the state-owned parent of Hebei Iron and Steel, said: "I have heard the rumours, but there is no evidence of wrongdoing." At a company meeting on Monday, Zhang Jiehui, deputy governor of Hebei province, said the change in leadership was "an important matter for the company's long-term development". Zhang praised the work of Wang, Peng and Yu, who all made speeches at the meeting, according to the company's website. The change of company leadership was a decision of the Hebei government after thorough and careful consideration, Zhang said. At Monday's meeting, Zhou Jie, head of Hebei's State-owned Assets Supervision and Administration Commission, said the leadership changes were important for strengthening the firm's management and corporate governance. In the first three quarters, Hebei Iron and Steel's net profit plunged 68.2 per cent to 116.92 million yuan (HK$148.23 million), due to oversupply and low steel prices, according to the company. The share price of Hebei Iron and Steel fell from 2.15 yuan on Friday to 2.07 yuan yesterday.