Ruukki Group Oyj announced that the company's management will be reorganised to be more appropriately aligned to the size of the company's current operations and the prevailing market conditions. The company will also undertake a review of its cost base with a view to identifying other restructuring opportunities including larger structural and organisational developments. One of the available options is to centralise more of the current head office and support functions to one location. The company will communicate possible progress in these matters in due course.

As part of the restructuring both the company's board of directors and executive management team will be materially downsized. The company will convene an Extraordinary General Meeting to resolve on the new board of directors in which the following members of the current board of directors will leave their positions: Dr. Chris Pointon, Mr. Paul Everard, Mr. Barry Rourke and Mr. Thomas Hoyer. The company will publish the invitation to the Extraordinary General Meeting separately. The Executive Management of Ruukki will be reorganised as follows: Mr. Thomas Hoyer, CEO; Mr. Markus Kivimäki, General Manager: Corporate Affairs; and Mr. Kalle Lehtonen, General Manager: Finance will leave their positions. All the resigning executives will remain with the company for a period of not less than three months to ensure a smooth handover of responsibilities. Mr. Hoyer will continue as CEO until the Extraordinary General Meeting has elected a new board of directors.