Stelco Holdings Inc. says a new chief financial officer will begin working with the steelmaker in mid-March.
Paul Scherzer – a Montreal-born metals and mining investment banker for close to 25 years – was appointed to the position on Monday.
“Paul’s addition to our team adds more than two-decades of steel-related financial, investment banking and capital markets experience. This, coupled with his financial acumen and executive experience, make him a valued addition to our organization as we go forward to our next chapter,” said Alan Kestenbaum, executive chairman and CEO of Stelco Holdings.
The appointment comes after a Kestenbaum took over the CEO post at the troubled company two weeks ago.
In February, the Hamilton steelmaker announced a $24 million loss for the quarter ending Dec. 31, 2019. The company said 2019 revenue totalled $435 million, down from $648 million a year earlier.
In a statement, the steelmaker said an “unprecedented” drop in prices was the source of the loss. The company says it’s endured a 28 per cent decrease in the average steel selling price and six per cent lower steel shipping volumes over the past year.
Roy Collins, vice-president of internal audit for Stelco, will take on the role of Interim CFO.