BD Live reported that the appointment of an ArcelorMittal heavyweight as chief financial officer of its South African operation is expected to lead to large scale restructuring at the struggling steelmaker.
ArcelorMittal said this week that on January 2, Mr Matthias Wellhausen would replace Mr Rudolph Torlage, who would focus on strategic projects.
Mr Wellhausen, an internal Mr Fix-It who served as finance chief when the group turned Germany’s Eko Stahl around, is currently finance chief for the Asia, Africa and Commonwealth of Independent States region.
Mr Mohamed Kharva analyst at Nedgroup Securities said that “Wellhausen will have to focus on reducing costs.”
Despite poor performance of the past three financial years, ArcelorMittal SA’s headcount rose. An analyst said it may have to cut staff, but spokesman Mr Themba Hlengani said the group was not anticipating any retrenchments at this stage.
Mr Wellhausen’s experience in developing teams, integrating units and achieving targeted results would be highly beneficial in the next three years, ArcelorMittal SA said.
The group’s fortunes are largely tied to local construction. It said last month it had shut some electric arc furnaces, cutting electricity usage, and planned further shutdowns.
Source:
http://www.steelguru.com/international_news/ArcelorMittal_SA_to_focus_on_restructuring/293041.html
