Essar Steel Algoma CEO resigns - interim replacement named
Monday, October 29, 2012 by: SooToday.com Staff
NEWS RELEASE
ESSAR STEEL ALGOMA INC.
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Essar Steel Algoma Inc. announces CEO resignation
SAULT STE. MARIE, ONTARIO – Essar Steel Algoma Inc. announced today that Mr. James Hrusovsky, chief executive officer has tendered his notice of resignation to be effective November 1, 2012.
He will also resign as a director of the company.
Mr. Kalyan Ghosh, chief commercial officer, has been appointed chief executive officer of the company on an interim basis.
Mr. Prashant Ruia, Essar Group director and chairman of the Essar Steel Algoma board of directors said: “On behalf of Essar Steel Algoma, I would like to thank Jim for his leadership and contributions to the company. He improved productivity and production levels and achieved excellent health and safety performance to successfully position Algoma going forward. We wish him every success in his future endeavours.”
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OMGWTF 10/29/2012 4:35:32 PM ReportPushed it sounds like. Q3 results should be announced soon so this can't be good!
All Is Well 10/29/2012 4:48:04 PM ReportFrom June 11th 2011 to October 2012 seems to be a short time to turn anything around. Before reaching any conclusions, I hope that more information is forthcoming.
thesharr 10/29/2012 6:23:23 PM ReportSomething doesn't add up.This old CEO didn't have time to make a difference.Maybe they weren't paying him either.
stiJJy 10/29/2012 6:25:28 PM ReportHmm, this doesn't sound too good.
steelworker 10/29/2012 7:04:36 PM Report...like rats off a sinking ship.
gerbil 10/29/2012 7:11:19 PM ReportUm, don't "most" people give a certain time for a notice? He leaves on Nov.1st?
The big owners were there last week...sounds suspicious.........
Timbob 10/29/2012 9:33:38 PM ReportNo surprise at all.
The Indians only want ass-kissers and figureheads at the top. The real decisions are made 10,000 miles away - including approvals to buy a dozen pencils.
so-kendra 10/29/2012 9:59:52 PM ReportTimbob u hit the nail right on the head! BUT! if it weren't for them stepping in and buying Algoma Steel we wouldn't have Algoma running anymore because we didn't have global access like Essar does and the ppl who ran it in the past would have killed the mill if it kept going the way it was. But regardless it was a short stay for that CEO!!!! LOL!
OMGWTF 10/29/2012 10:22:34 PM ReportOK let's keep this simple. The way the press release is worded he has been fired. Period. There is no ambiguity to this release. Typically it's due to a very bad performance but other reasons may be present so it's a wait and see time.
So the questions now are why and what's next?
good4now 10/29/2012 10:57:26 PM ReportNew Minnesota Mill will be the undoing of Algoma. The "party" line is that the new facility will complement and supply Algoma. No one better bet the farm on this.
Many top people are now leaving. This is the result of an iron fist management from India and a less than obvious plan to make Algoma unprofitable and thus subject to horrible downsizing,
Specifically, I think the CEO clashed with India over this not so slow death spiral and it was decided he best part ways.
speed7 10/29/2012 11:09:08 PM ReportI dont like the sounds of this. Very unsettling. The sault is one sorry city pretty soon. I want to see what Hayes is planning to save our sinking ship of a city. Last time this happened was in the 1990's . The deepest darkest recessional days of the sault! Their will be a domino effect.
shaddow 10/29/2012 11:11:22 PM ReportWow! Why do people have such a negative mentality here in the Soo?? Leave rumors alone. The CEO resigns from ESSAR Steel Algoma. So what! Why make up opinions of negativity??? Why do people not wait for the full story without jumping to conclusions. I've seen this so often, rumors until the story breaks & it's all for a reason, not negative. Wake up & smell the coffee.
missing33years 10/29/2012 11:51:13 PM ReportThe prelude was the german bank deal ..about 3 months ago ,,,well get ready to embrace the german flag..:PEOPLE DO NOT ADJUST YOUR T.V WE ARE IN CONTROL, RELAX WATCH ANOTHER REALITY SHOW :...
theprotector 10/30/2012 7:22:25 AM ReportYeah lifes a bitch when you actually have to run a company like a business. All the lazy fatass steelworkers need to do a decent days work now! the mill is there to make money, not just there to supply high paying jobs.
speed7 10/30/2012 8:00:12 PM ReportA lobourer starting out at over 30 bucks an hour is pretty darn good! Imagine what the higher positions make? Still that doesnt really bother me what bothers me is if people arent working they are buying goods and this city's economy will plunder. Hayes wont save them. He's too interested in shipping jobs overseas just like his commander in chief, Harper.
jojo12345 1/14/2013 12:45:03 AM Reporti still say they should return in their own country
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