In a statement Monday, the company said the reorganization and review of its governance structure is intended to steady Tenova around the two main businesses in which it operates – metals and mining – and allow each to focus on its priorities, market approach and global presence.

It also said the change will give each unit more autonomy to develop its businesses and build  long-term sustainability while they concentrate on short-term consolidation and continuity.

“I am sure that this reorganization will help us to better focus our strategy and result in our steel and metals market offering being more solid,” Pancaldi said.