Rautaruukki Declines After Finance Chief Departs: Helsinki Mover

Rautaruukki Oyj (RTRKS), the Finnish steel supplier, fell the most in almost three months in Helsinki trading after Chief Financial Officer Markku Honkasalo resigned to take up a post at Valmet Oyj.

Rautaruukki shares fell as much as 5.2 percent, the most since May 23, to 5.25 euros, and traded down 4.1 percent at 11:14 a.m. in the Finnish capital. It was the worst performer on the OMX Helsinki 25 Index. (HEX25) The volume of shares traded was about 40 percent of the three-month daily average.

Honkasalo will become chief financial officer at Valmet, the paper, pulp and power unit that Metso Oyj (MEO1V) will spin off on Jan. 1, Helsinki-based Metso said in a statement today. Rautaruukki named Mikko Hietanen, the head of business development, as acting CFO until a replacement is found.

Rautaruukki has posted two profitable quarters since Honkasalo was appointed CFO in November 2010. The company had a second-quarter net loss of 1 million euros ($1.3 million), missing the estimate of 12.7 million-euro profit of 10 analysts surveyed by Bloomberg. The company sees comparable full-year sales at the same level as last year and an improvement in comparable operating profit.

To contact the reporter on this story: Kati Pohjanpalo in Helsinki at kpohjanpalo@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.