Armando Plastino, Essar Steel Algoma CEO, is retiring at the end of November after 38 years with the Sault Ste. Marie steel maker.
In a Nov. 10 statement, Malay Mukherjee, CEO of Essar Steel Holdings, thanked Plastino for his years of servcie and “outstanding leadership” through the recession.
“His exceptional efforts in integrating Algoma with the Essar family and managing harmonious employee and union relations were critical to their success, particularly during the recent collective agreement negotiations.”
Until a new boss is named, Essar's board will manage day-to-day operations by committee which includes chief commercial officer, Kalyan Ghosh; chief operating officer, Pramod Shukla: and general counsel, Victoria Chiapetta.
Plastino will stay on as an advisor to management through to the end of March, 2011.
On the heels of that announcement, the steel maker recorded a $39.6-million loss for its second quarter, ending Sept. 30. The company said a pricing dispute with its iron ore supplier, Cleveland Cliffs, remains unresolved and the parties are proceeding to arbitration. Essar expects the hearing to produce a formula that will render a price of iron ore for the 2010 calendar year.
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