The CEO of Volkswagen Group stepped down in the wake of the company’s diesel vehicle emissions scandal and the China Iron and Steel Association vowed to break its own steel export records.
China Vows More Steel Exports
China’s total steel product exports are likely to exceed 100 million metric tons this year, Wang Liqun, the vice-chairman of the China Iron and Steel Association, told reporters on Wednesday.
Volkswagen CEO Steps Down
Martin Winterkorn, the embattled chief executive of Volkswagen, announced that he will resign following the scandal surrounding doctored emissions reports of its diesel cars.
In a statement issued by the company, Winterkorn said he was “shocked by the events of the past few days.”
“Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group.”
Regulators discovered that VW’s diesel vehicles, in the US, had software on their internal computers designed to defeat proper vehicles emissions tests.