BRUSSELS Dec 13 Zinc producer Nyrstar
said on Tuesday its chief executive, who steered the company
away from a venture into mining, has stepped down with immediate
effect after less than two years in the top job.
Bill Scotting, who had previously headed steel giant
ArcelorMittal's mining division, joined Nyrstar in
July 2015 and had initiated the sale of the company's struggling
mining business. He is leaving the group to pursue other
opportunities, Nyrstar said.
Scotting will be replaced by Hilmar Rode, a German engineer
who worked for BHP Billiton and Glencore and
has experience in the smelting and zinc businesses, the group
Commodities trader Trafigura holds about a
quarter of Nyrstar's shares, according to Nyrstar's website, and
was seen by analysts as being behind the push to replace the
company's management in 2014 and 2015.
At the beginning of this year Trafigura also secured a
prepayment zinc supply deal with Nyrstar.
Nyrstar entered the mining business in 2009 to secure its
supply of raw materials but a string of operational issues led
to the division making a loss.
Since Scotting took over, Nyrstar's shares have lost some 60
percent of their value, according to ThomsonReuters data, and
the group raised 274 million euros ($291.10 million) by selling
new shares to shore up its balance sheet.
($1 = 0.9413 euros)
(Reporting by Robert-Jan Bartunek; Editing by Greg Mahlich)