Ispat Iscor - Management Changes At Ispat Iscor
ISPAT ISCOR LIMITED
(formerly Iscor Limited)
Registration number: 1989/002164/06
Share code: IIS
ISIN: ZAE000057162
(`Ispat Iscor` or `the company`)
MANAGEMENT CHANGES AT ISPAT ISCOR
Ispat Iscor has made excellent progress in recent years to establish itself as a
premier global steel producer. With the support of its major shareholder, LNM
Holdings N.V., Ispat Iscor has delivered substantial sustainable audited cost
savings exceeding ZAR 1,412 billion through the Business Assistance Agreement.
This has contributed to a significant turnaround in the fortunes of the company,
reflected in the recent interim results where an operating profit of ZAR 2.9
billion was reported.
To further enhance and improve the performance culture of Iscor, the Ispat Iscor
board today approved a new strategic direction for the next three years of the
company. This plan calls for the following aspects to be successfully
implemented over the period:
Increased through put in production;
Optimisation of marketing strategies;
A major focus on cost reduction initiative; and
Enhanced synergies within the wider LNM/Ispat group.
To ensure the successful implementation of this new direction, the board has
announced a new executive management team to drive these initiatives.
The following changes will be implemented with immediate effect:
Mr Davinder Chugh will assume the role of chief executive officer;
Mr Vaidya Sethuraman will assume the role of executive director, finance as
successor to Mr.Malcolm Macdonald;
Mr Juba Mashaba will fill the vacant post of executive director, human
resources, on 1 October 2004.
Louis van Niekerk, whose contract was due to terminate in March 2005, will
assume the position of non-executive deputy chairman of the board.
Chairman, Khaya Ngqula, said:
`Ispat Iscor has made excellent progress in the past few years. The Board is
confident that the new management team will build further on this success and
continue to deliver strong results for shareholders. They are first-class steel
industry executives who we believe are the right people to take the company to
the next stage. I would like to take this opportunity to thank Louis van
Niekerk, Malcolm Macdonald and Martin van Wijngaarden for the excellent
contributions they have made to our business over the past decade.`
CURRICULUM VITAE OF NEW TEAM
MR DAVINDER CHUGH (47): BSc (Physics), LLB, MBA
Appointed executive director, commercial, Ispat Iscor in May 2002. Ex vice-
president, purchasing of Ispat Europe Group S.A. (LNM Group)
MR VAIDYA SETHURAMAN (51): ACA (Institute of Chartered Accountants of India),
MBA
Joined the Ispat Group in 2003 as chief financial officer of Ispat`s affiliate
company Imexsa, Mexico. Previously employed as chief financial officer for
companies such as Praxair India and ABB Alstom India.
MR JUBA MASHABA (37): LLB, Advanced Management Programme
Has been with Simba (Pty) Limited as human resources director since 1997. Prior
to that acted as group human resources manager for Eskom.
10 September 2004
Sponsor to Ispat Iscor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 10/09/2004 05:36:33 PM Produced by the JSE SENS Department
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