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Salzgitter AG Decides on Fundamental Change to Group Organization

Thursday, 26 Sep 2013 08:51am EDT 

Salzgitter AG announced that the Supervisory Board had approved a fundamental change to the Group organization. The new Group structure will take effect on January 1, 2014. The Group companies will be organized into five divisions: Flat Steel, Plate/Section Steel, Energy, Trading and Technology. The service companies, which primarily operate within the Group, will either be allocated to the business segments of their largest Group customers or managed centrally in one of the areas of Executive Board responsibility. The Executive Board will comprise three members in the future: the Chief Executive Officer, the Chief Financial Officer and the Industrial Relations Director. The active management of the divisions will be carried out by the 'Group Management Board', a new executive body. The Executive Board members Wolfgang Eging and Heinz Groschke will stay on as members of the Executive Board, performing their duties respectively as from January 1, 2014, until they take their retirement in 2014. With these decisions and the signing of the Pact for the Future, all the necessary prerequisites have been set in place for the swift implementation of the groupwide 'Salzgitter AG 2015' reorganization project toward stabilizing the competitiveness of the Salzgitter Group in a difficult market environment that is determined by a structural crisis in the European steel industry. It therefore serves to secure the Company's independence while safeguarding as many jobs as possible. 

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