Distributor Ferona appoints new chief executive

Ferona, one of Central and Eastern Europe’s largest steel distributors, has appointed corporate audit director Jan Moravec as its new chairman and chief executive effective 1 July. He will replace Frantisek Kopriva.

Moravec has several years of experience on the Czech firm’s board of directors. Ferona’s supervisory board “… is, therefore, convinced that [… Moravec] has the required qualities for the successful leadership of Ferona in the years to come and that he can count of the full support of the managers and employees of Ferona as well as our business and financial partners,” supervisory board chairman Robert Kay says in a note seen by Kallanish.

According to the latest data available, Ferona sold 699,611 tonnes of steel in 2018, down by 27,195t from the year before, of which 406,000t were sections. Its service centre processed 246,000t of steel, close to the record volume of 2017. Revenue rose 3% to CZK 13.15 billion ($526 million), but net profit fell -28% to CZK 210m.

Long and flat products each accounted for 37% of 2018 revenue, with pipe comprising 10% and special steel 4%.