Australia's Arrium appoints new CEO

Andrew Roberts, Arrium mining

Andrew Roberts

Australian miner Arrium (ASX: ARI) announced Monday the promotion of Andrew Roberts as its new chief executive officer to run the steelmaker and iron ore company, reports The Australian.

The 46-year-old head of the corporation's mining consumables division will join the board of directors immediately and takeover from current CEO Geoff Plummer at the end of the year.

Roberts led the acquisition of Moly-Cop grinding media, the largest supplier of grinding balls and grinding rods in the world, which services the copper, gold and iron ore sectors.

According to TradingRoom.com, the new chief executive will receive a fixed reward of $1.4 million per year plus incentives. Arrium came under scrutiny last year by shareholders and independent reviewers for the more than $2 million annual remuneration of Plummer, whose salary was found to be larger than other companies of similar size.

Until last year, Arrium was known as OneSteel — established in 2000 from a spinoff of BHP Steel. It $7.6 billion dollar operations are spread throughout Australia, southeast Asia, as well as North and South America.

Images courtesy Arrium