Share

ArcelorMittal SA CEO to retire

Johannesburg – ArcelorMittal South Africa [JSE: ACL] CEO Wim de Klerk will retire at the end of January 2018, the steel manufacturer said on Tuesday.

According to a notice issued to shareholders, the company will start a process to find his successor. The board has agreed to De Klerk’s decision to retire, it said.

De Klerk will continue to work on implementing various initiatives within the company and assist in ensuring a smooth transition until he retires, the note read.

ArcelorMittal SA appointed De Klerk in May 2016, when the loss-making company was battling cheap imports and rising costs. He replaced Paul O’Flaherty, who resigned to pursue other interests, Fin24 previously reported.

Under De Klerk’s leadership the manufacturer managed to conclude a steel agreement with Highveld Structural Mill and Evraz Highveld Steel & Vanadium. This resulted in the reopening of the Highveld heavy structural mill, making available the supply of locally produced structural steel products in the market.

"On behalf of the board, we would like to thank Wim for his leadership of the company during this challenging period. We have made some important progress, notably with regard to the implementation of safeguards on some products to support the sustainability of the domestic industry,” said chairperson Mpho Makwana.

“Challenges remain and we will commence with a search to appoint a new CEO who can continue to implement our strategy and structurally improve the performance of the business."

In August ArcelorMittal SA announced cost-saving interventions, assessments of the profitability of various product lines and retrenchments in the next six months to address its challenges.

These changes are subject to consultation between government and trade unions, the company said in a statement.

“The sustainability of the local steel industry and the prevention of job losses remains an important concern and the company will continue to engage its stakeholders to find collaborative and lasting solutions to the challenges faced by the industry,” ArcelorMittal said. 

The share was trading at R5.63 at 11:10.


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.3%
Rand - Pound
24.14
-0.1%
Rand - Euro
20.65
-0.3%
Rand - Aus dollar
12.38
+0.3%
Rand - Yen
0.13
+0.5%
Platinum
905.16
-2.0%
Palladium
1,006.63
+0.1%
Gold
2,156.10
-0.2%
Silver
24.94
-0.4%
Brent Crude
86.89
+1.8%
Top 40
66,018
-0.4%
All Share
72,214
-0.3%
Resource 10
53,202
-0.2%
Industrial 25
100,016
-0.5%
Financial 15
16,587
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders