BlueScope Steel has announced the retirement of Non-Executive Director Kevin McCann from the Board.
BlueScope Steel Chairman Graham Kraehe acknowledged McCann’s contribution to the company during his time with the Board since BlueScope’s demerger from BHP Billiton in 2002.
“Kevin McCann was a foundation Board member of BlueScope and has played an important role through a period of great change in the global steel industry when the Company has grown its international businesses significantly and transformed its Australian business to meet a range of challenging external factors,” says Kraehe.
“Mr McCann has made particular contributions in areas such as strategy and governance and he has been a valuable member of the Audit and Risk Committee of the Board since the formation of the Committee.”
“I’m retiring from the Board of BlueScope Steel by agreement, following the transformation of its Australian business and the commencement of the joint venture with Nippon Steel Sumitomo Metal Corporation,” says McCann. “With a strong balance sheet the Company is well positioned to benefit from the recovery in the United States economy and ongoing growth in China, ASEAN and India.”
McCann currently sits on the board of other companies including Macquarie Group Limited and Origin Energy Limited, according to the Macquarie website.
He practiced as a commercial lawyer specializing in Mergers and Acquisitions, Mineral and Resources Law and Capital Markets Transactions. He was a Partner of leading Australian law firm Allens Arthur Robinson from 1970 to 2004 and eventually became a Chairman of the same firm. He was previously Chairman of Triako Resources Limited, Healthscope Limited and ING Management Limited.
AAP has reported this week that BlueScope Steel and the world’s second-largest steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC) have begun their $1.31 billion joint venture in coated products.
The latter “will pay the beleaguered BlueScope $US540 million ($A519.53 million) for a 50 per cent stake in its coated steel products business to help the Australian firm capture overseas markets and wipe out debt,” according to the AAP article released by The Sydney Morning Herald.
“We chose to partner with NSSMC because it brings access to new technology and assists in developing a broader range of customers in new-product areas, including an established customer base of Japanese companies operating in ASEAN,” says BlueScope’s CEO and Managing Director Paul O’Malley.
“Our two companies have worked together for over 40 years and understand each other’s technical expertise and business approach.”
Meanwhile, following the retirement of Mr. McCann, the Board continues its renewal program that commenced with the appointments of Ken Dean in 2009, Penny Bingham-Hall in 2011 and Ewen Crouch last month.