Graham Mackenzie, who joins the enlarged ASW/Co-Steel group as chief executive in April, is no stranger to the steel industry or restructuring. From December 1989 until the end of 1993, he was chief executive of United Engineering Steels (UES).
ASW and UES were so-called Phoenix joint ventures, formed during the 1980s between the then state-owned British Steel and engineering group GKN.
GKN then moved out of steels and forgings. Mackenzie helped restructure UES until it was bought out by British Steel.
Mackenzie admitted his new role will be challenging, but said: ‘Restructuring now, while the market is bottoming out, means we should make more money when the market picks up again.’
* News Analysis, p14