POSCO, South Korea\'s top steelmaker, said Tuesday that its chief Chung Joon-yang has been elected the new chairman of the World Steel Association, replacing Alexey Mordashov, the chief executive officer of Russian steel producer Severstal. At the 47th annual meeting of the World Steel Association held in Sao Paulo on Monday, its members approved the nomination to elect Chung as the new head, according to POSCO. His term will expire in October 2014, according to the South Korean company. The World Steel Association, founded in 1967, is a nonprofit organization with headquarters in Brussels, Belgium. It is one of the largest industry associations in the world, representing some 170 steel producers, national and regional steel industry associations, and steel research institutes. Its members make up around 85 percent of the world\'s steel production.