Ruukki Group will change its name to Afarak Group after a resolution on the move was approved at its egm on July 5.

The Helskinki-based ferro-alloys producer also announced it will pay non-executive board members serving on board committees an additional €1,500 a month for committee work.

Afarak’s assets include the Stellite chrome mine and Mogale Alloys processing plant in South Africa, the TMS mining operation in Turkey and the Electrowerk-Weisweiler (EWW) chrome processor in Germany.

Afarak will make a further announcement to say when the name change will take effect.

Janie Davies
Twitter: @janiedavies_mb