Salzgitter to halve management board to cut costs - report
FRANKFURT Aug 16 (Reuters) - German steelmaker Salzgitter plans to cut the number of positions on its management board to three from six as it seeks to cut costs and return to profit, German paper Sueddeutsche Zeitung reported on Friday.
The new management board would contain the position of chief executive, finance chief and chief of human resources in order to save costs and make it more efficient, the paper reported, citing a recommendation from the management board to the supervisory board.
One of the positions Chief Executive Heinz Joerg Fuhrmann wants to eliminate, the chief technology officer, is currently vacant anyway, said Sueddeutsche Zeitung.
The company, the country's second-largest steelmaker, aims to cut more than 1,500 jobs, or 6 percent of its workforce, as it seeks to return to profit amid stubbornly weak demand and low prices.
The company, which has warned on profit twice this year, was not immediately available to comment. A spokesman declined to comment to the paper, according to the report. (Reporting by Peter Dinkloh, Editing by Thomas Atkins)
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