LONDON Stemcor Ltd. board member David Faktor has resigned as the U.K.-based steel trading houses head of international steel trading.
Stemcors international steel trading division is undergoing a number of structural changes, a company spokesman told AMM sister publication Steel First. "We are reviewing the divisions structure in light of the difficult trading situation," he said. "It is still a core business and we are still looking to expand. Theres been no change in strategic direction."
Faktor, who has worked at London-based Stemcor for more than 30 years, resigned from the post Friday, the spokesman said.
Stemcor, the worlds largest steel trader, has not yet appointed a replacement for Faktor, who will remain on the companys board working on a number of projects.
Members of Stemcors international steel trading division will report to North America head Steve Graf until a replacement for Faktor is named.
Faktor, who has been managing director of international steel trading at Stemcor since 2000, had left the role for personal reasons, the spokesman added.
Stemcor in September had announced that group managing director Julian Verden was replacing long-term chief executive officer Ralph Oppenheimer effective Jan. 1, although Oppenheimer will remain an active chairman on the companys board (amm.com, Sept. 11).
A version of this article was first published by AMM sister publication Steel First.