(Yicai Global) Jan. 13 -- The China Iron and Steel Association, a non-profit alliance of the industry's big players, has appointed its first chief from a privately owned steel firm. 

The CISA voted Shagang Group Chairman Shen Bin to serve as the rotating chair for this year, the alliance said in a statement on its website.

The CISA will continue to strictly control overcapacity, as well as fight monopoly and speculation in the iron ore market while improving transparency and trading mechanisms, the new chief said at the election meeting.

Shen is the son of one of the founders of Shagang, China's largest private steel company. The Jiangsu province-based firm had CNY241 billion (USD34.9 billion) in sales revenue in 2018 and turned a net profit of CNY33 billion (USD4.8 billion), including taxes.

Editor: Emmi Laine