Paranapanema SA, Brazil’s biggest copper smelter, named Edson Monteiro as interim Chief Executive Officer as it seeks to reverse four straight quarters of losses.
Monteiro, currently Paranapanema’s vice president for operations, will tomorrow take over from Luiz Antonio Ferraz Jr., who resigned last month, he said today in a telephone interview. The company will still be looking for a permanent CEO and doesn’t have an estimate when a replacement can be named, Monteiro, a former Banco do Brasil SA executive, said.
“The plans and projects that were being executed continue in the same direction,” he said from Santo Andre, Brazil. The company will increasingly focus on its turnaround, he said.
Paranapanema more than doubled in the past six months, the most among 68 stocks in the Bovespa Small Cap index. The company has cut costs, boosted production and sold assets. The company, based in Dias D’Avila, Brazil, is investing about 1 billion reais ($503 million) until 2014 to expand copper refining capacity.
Paranapanema expects to produce as much as 265,000 metric tons of refined copper in 2013, 40 percent more than 190,000 tons in 2012, after 74 days of stoppages last year, Monteiro, 58, said.
Paranapanema gained 2 percent to 5.20 reais at the close in Sao Paulo today. The stock advanced 4.8 percent this year.