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Cape Town - ArcelorMittal South Africa [JSE:ACL] on Monday announced that its chief executive Nonkululeko Nyembezi-Heita has resigned six years after taking the helm at the integrated steel and mining company.
The company said in a notice to shareholders that Nyembezi-Heita will step down as CEO and executive director with effect from February 18 2014.
She said that although challenging, ArcelorMittal SA has over the last six years achieved significant advances in a number of areas.
In addition to a world-class safety performance, huge strides in meeting its environmental obligations and a steady progress in the company's operational improvement programmes, Nyembezi-Heita said ArcelorMittal SA can expect a marked improvement in its financial performance, aided in no small measure by the recent settlement with Kumba.
Last month, ArcelorMittal SA, a unit of the world's biggest steel maker ArcelorMittal Group, posted a 35% rise in third-quarter profit as sales rose but it said a fall in domestic sales would ensure a weaker fourth-quarter result.
The company, which sells 90% of its steel in Africa, also said it would write off R1.8bn on the value of its mine assets after it agreed to pull out of the management and operation of its Thabazimbi iron ore mine. This follows the finalisation of a supply agreement with Kumba Iron Ore [JSE:KIO].
On Monday chairperson Mpho Makwana said the company is in a considerably better position than when Nyembezi-Heita joined the group six years ago.
He said the board will embark on a search for Nyembezi-Heita's successor and an announcement on the transitional period will be made in due course.
ArcelorMittal SA shares were trading down 0.67% at R41.38 on Monday afternoon.
The company said in a notice to shareholders that Nyembezi-Heita will step down as CEO and executive director with effect from February 18 2014.
She said that although challenging, ArcelorMittal SA has over the last six years achieved significant advances in a number of areas.
In addition to a world-class safety performance, huge strides in meeting its environmental obligations and a steady progress in the company's operational improvement programmes, Nyembezi-Heita said ArcelorMittal SA can expect a marked improvement in its financial performance, aided in no small measure by the recent settlement with Kumba.
Last month, ArcelorMittal SA, a unit of the world's biggest steel maker ArcelorMittal Group, posted a 35% rise in third-quarter profit as sales rose but it said a fall in domestic sales would ensure a weaker fourth-quarter result.
The company, which sells 90% of its steel in Africa, also said it would write off R1.8bn on the value of its mine assets after it agreed to pull out of the management and operation of its Thabazimbi iron ore mine. This follows the finalisation of a supply agreement with Kumba Iron Ore [JSE:KIO].
On Monday chairperson Mpho Makwana said the company is in a considerably better position than when Nyembezi-Heita joined the group six years ago.
He said the board will embark on a search for Nyembezi-Heita's successor and an announcement on the transitional period will be made in due course.
ArcelorMittal SA shares were trading down 0.67% at R41.38 on Monday afternoon.
