ISP to spin off service companies and concentrate on core activity

Ispat Stal Polska, a company that controls over 70% of the national steel market, is working out a restructuring plan for its capital group, which comprises of around 140 companies. IPS wants to leave in the group only companies related to the main activity of the steel concern. According to Puls Biznesu, it is probable that the service companies from the group will be merged to create a concern, which will offer comprehensive services for IPS. "In the autumn some of the companies will be sold, due to which we will lower the costs of the group's functioning," explained IPS deputy president Jerzy Podsiadło. Meanwhile, the IPS supervisory board decided to increase the size of the management board from 3 to 5 members and appointed Augustine Kochuparampil to be responsible for finance and Sanjoy Mitr for marketing and sales. (Puls Biznesu, p. 4) E.B.