Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News December 09, 2013 at 01:45PM

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VENTURES AFRICA – Nonkululeko Nyembezi-Heita, the CEO of ArcelorMittal SA, Africa’s biggest steel maker, on Monday said she will be stepping down February next year.

She did not give reasons for her resignation nor did she say which company she was going to join next.

She had been the head of the firm’s South African operations for the past six years and has been credited for stabilising the underperforming firm.

Mpho Makwana, the chairman of the board, congratulated Nyembezi-Heita for her “tremendous contribution to the company during an exceptionally challenging period not only for the company but the steel industry in general.”

Global demand for steel, particularly demand from China and India, has slowed down in the past couple of years due to the global economic downturn.

However, Nyembezi-Heita said the company had achieved a lot in the past six years though it was a challenging period.

“Our safety performance is now world-class and we have also taken huge strides towards meeting our environmental obligations,” she said

“There is steady progress in our operational improvement programmes with pleasing results in places. As the market turns, we can expect a marked improvement in our financial performance,” she continued.



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