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.

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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.