Krakatau Steel names new president director in management shuffle

Indonesia’s state-owned Krakatau Steel has appointed Sukandar as president director in a recent management shuffle, Steel First understands.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Sukandar, who goes by one name, replaces Irvan Kamal Hakim, who had held the position since June 2012. Sukandar was previously the company’s financial director.

Besides Hakim, the company had also removed former marketing director Yerry.

The company has embarked on a restructuring over the past year in a bid to cut costs in the face of challenging market conditions. The management changes, approved at a general meeting of shareholders earlier this month, were believed to have come about amid continuous losses.

Krakatau Steel could not be immediately reached for comment.

Indonesia’s biggest steelmaker recorded net losses for three consecutive years due to declining steel prices. It registered a net loss of $19.6 million in 2012 before posting a smaller loss of $13.6 million in 2013. By the end of 2014, however, the company reported a more than 10-fold jump in annual net loss to $157 million.

What to read next
Fastmarkets advises that, as of Friday June 9, some regional ferrous scrap prices and markets have not settled for June; Fastmarkets typically settles these markets on or before the 10th of each month.
Fastmarkets proposes to amend the specifications for its weekly payable indicators for black mass in South Korea.
Learn why delayed universal definitions of green steel means pricing green steel remains a challenge
Fastmarkets has launched two new Green Steel prices for the European domestic market, starting Thursday June 8.
Learn more on why advancements in “green steel” considered unachievable in geographical isolation and require the collaboration of all stakeholders in all regions if they are to succeed.
Fastmarkets has corrected the rand fixing prices for LME-traded base metals, which were published incorrectly on Tuesday June 6 due to a technical error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.