Menu
 
 
 

ArcelorMittal South Africa selects Verster as CEO

Featured

ArcelorMittal South Africa - [https://www.rnews.co.za/images/cmsimages/big/news_15279_19022_arcelormittal.jpg] ArcelorMittal South Africa - [https://www.rnews.co.za/images/cmsimages/big/news_15279_19022_arcelormittal.jpg]

ArcelorMittal South Africa has chosen the former head of construction firm Aveng to take over as chief executive from next February, the steelmaker said on Monday.

Kobus Verster, who was Aveng’s chief executive for nearly four years, served as the steelmaker’s head of finance from 2006 to 2010 and held various other senior positions at the South African unit of ArcelorMittal after 1990.

Verster takes the reins from Wim de Klerk, who spent his two years at the helm cutting costs to stem losses and angling for emergency steel tariffs to protect the local industry against cheap imports the company had said was hurting its business.

The parent company’s chairman and chief executive Lakshmi Mittal said he expects Verster to “sustain the momentum of leading our important strategic investment in Africa, restoring the company back to profitability and sustainable performance”.

ArcelorMittal holds nearly two thirds of the shares in the South African steelmaker, which was founded in the late 1920s as one of the nation’s first attempts to industrialise the economy beyond the export of mining commodities.

Shares in ArcelorMittal South Africa were up 0.4% at R4.52 by 1217 GMT, compared with a 0.2% decline in the Johannesburg securities exchange’s All-share index. 


 

Source

Moneyweb.co.za

back to top

Industries

About us

Follow us

Follow us @BusinessNewsCT

BusinessNewsCT High-tech connection solutions by Lapp https://t.co/wsFIY9V0aU https://t.co/KK9JPncbeT
BusinessNewsCT Competition time! Don't forget to sign up for @ConnexionZone's competion where you stand a chance to win a R45 000.… https://t.co/4lwc62Px5q
BusinessNewsCT Load-shedding risk increases as coal stockpiles drop https://t.co/sTK9wQy98q https://t.co/Tp07CCbpes