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.
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