SÃO PAULO Edson
Monteiro will take over as temporary chief executive officer of
Brazilian copper producer Paranapanema SA.
Monteiro was vice president of
the company and a director of Banco do Brasil. He also was
interim president of Brazilian state pension fund Previ,
Paranapanemas biggest stakeholder with 23.9 percent of
the companys shares.
have hired a recruitment firm to find a new chief executive
officer to replace Antonio de Souza Queiroz Ferraz Jr., who
resigned at the end of 2012.
The company is currently going
through a restructuring, due to end in 2014, aimed at
increasing its production capacity to 280,000 tonnes of copper
per year from 220,000 tonnes.
Monteiro said that all previous
plans remain in place. "Our plans have not changed," he told
AMM sister publication Metal Bulletin.
The companys projects
include modernizing its operations in Dias dÁvila
in Bahia state and building a new tube plant in Utinga in
Espírito Santo state.
totaled 894.7 million reais ($427.2 million) in the third
quarter710.1 million reais in domestic sales and 184.6
million reais in exportsdown 14.7 percent from the same
period a year earlier.
A version of this article was first published by AMM sister
publication Metal Bulletin.