GFG Alliance has appointed three new executives it says will support major transformation projects, including the expansion of the group’s high-quality magnetite iron ore reserves, and converting remaining blast furnaces to electric arc furnaces, Kallanish notes.
Stefan Håkansson of energy group E.ON has been appointed as global head of sustainable energy projects. Paul Altschwager of international energy and convenience retailer EG Group has been named chief capital officer. Francisco Irazusta of Tubos Reunidos has become chief executive and executive director of InfraBuild.
Håkansson, who will join after summer, will help drive GFG’s CN30 ambition and renewable energy development, as it invests in solar, wind and green hydrogen installations to decarbonise its iron and steel operations, GFG says.
Altschwager, starting from 1 August, will enable the group to build on progress following agreements with Greensill’s administrators on debt restructuring, the AUD 405m ($273.1m) debt facility repayment at Liberty Primary Metals Australia, the refinancing of the group’s US steel businesses, and the $350m ABCF raised by InfraBuild from Blackrock and Silver Point, the group observes.
Irazusta, who starts from 1 October, will ensure InfraBuild continues its strong financial performance in the 2023 fiscal year, and follows its recent success in the debt markets.
“The huge experience Stefan, Paul and Francisco all bring will help ensure our star businesses continue to perform and we provide a powerful platform to drive investments to capitalise on our advantages in magnetite iron ore and sustainable energy solutions which are so key to green steel production and the future of our group,” says GFG executive chairman Sanjeev Gupta.
Adam Smith Poland
