Severstal announced that John Correnti, CEO of SeverCorr, a newly opened steel mill in Columbus, Miss., will be leaving the company. In addition to Correnti, a number of other founding senior managers of the steel mill, will be leaving the company as Severstal consolidates SeverCorr as one of its companies. To accomplish this Severstal will be acquiring ownership interest held by Correnti and other members of SeverCorr’s management team.
Replacing the original management staff Severstal has appointed a new senior management team. James Hrusovsky has been appointed CEO of SeverCorr and will be based in Columbus. He was formerly COO of Severstal North America, Inc., the company's other U.S. business.
The company also said that Sergei Kuznetsov, CFO of SNA has been appointed the new CFO of SeverCorr. He will have financial management and reporting responsibilities for both SeverCorr and SNA and will remain based in Dearborn, Mich.
Alexey Mordashov, Severstal CEO, said, "John Correnti and his team have been tremendous partners and we wish them the very best in the future. In a relatively short period, they built from scratch one of the most technologically advanced mills in the steel industry that is strategically located to serve the fast growing Southern region of the U.S."
SeverCorr will continue production ramp-up and the Phase II expansion, which will more than double the mill’s output to 3 million metric tons, and is on-track to be completed by late 2010.
John Correnti, said, "We’re proud of what we’ve accomplished at SeverCorr and I want to thank everyone who has helped make it possible. As SeverCorr moves from an entrepreneurial venture into an operating steel mill, it made sense for me and other founding senior managers to transition executive management responsibilities. Severstal was a valuable partner in getting this mill to where it is today."