Krakatau appoints new president amid wider loss
Friday, April 3 2015 - 03:13 AM WIB
Shareholders at IDX-listed steel maker PT Krakatau Steel Tbk named Thursday Sukandar (one name) as the new President Director in a major reshuffle as the company reported wider 2014 loss.
Sukandar, who was previously finance director, replaces Irvan Kamal Hakim.
The shareholders meeting also appointed two new names into the board of directors including Anggiasari Hindratmo and Ogi Rulino.
Meanwhile, the board of commissioners also underwent changes with the appointment of Achmad Sofjan Ruky as the new President Commissioner, and Roy E. Maningkas, Hilmar Farid, and Harjanto as new members of the board.
The state-controlled steel maker reported Thursday that is suffered a wider loss of US$156.8 million last year compared to $13.6 million in 2013.
?The company has suffered loss during the past three years, but almost all major steel mills in the world have also been suffering from losses,? said Sukandar.
He said that the downturn in global commodities including ste el has underminde the financial performance of the company. He added that in a bid to help survive the industry downturn, Krakatau will take a number of efficiency measures including possibility of suspending loss-making units as well as mergers among subsidiaries.
Editing by Reiner Simanjuntak