State Treasury recalls Huta Katowice steel mill president

The State Treasury announced officially yesterday its decision made on Friday to recall the president of Huta Katowice steel mill (HK), Miroslaw Wrobel. He will be replaced by Andrzej Capiga, currently director of Centrum Bankowosci Korporacyjnej (Corporate Banking Center) of Bank Slaski. Rumors have flown for months about plans to remove Wrobel. However, he recently gave the Treasury an opportunity to sack him when he submited a motion to the Ministry to raise HK's capital by zl.661 million. His plan was to convert HK's financial obligations into shares of HK or its subsidiaries. Steel industry insiders agree that the change in HK's management does not have much influence on the condition of the company. Tadeusz Torz, president of Hutnicza Izba Przemyslowo-Handlowa, believes that the replacement will have an impact on the introduction of new management methods to the company but will not solve HK's problems. He emphasizes that above all HK needs funds for improving its sales and restructuring its debt. (Gazeta Wyborcza, p.18; Puls Biznesu, p.3) A.D