Change in management for SHS - Stahl-Holding-Saar GmbH & Co KGaA as well as in the Board of Management of Saarstahl AG and AG der Dillinger Hüttenwerke

Tim Hartmann is stepping down from his posts by mutual agreement due to differing views on the future strategic direction of the company. His successor will be Dr. Karl-Ulrich Köhler, with effect from 1 January 2021. Dr. Köhler is the former CEO of ThyssenKrupp Steel and Tata Steel and was Chairman of the Management Board of Rittal GmbH until 31 October 2020. He has been a member of the Board of Trustees of the Montan-Stiftung-Saar trust since 2019.

The Board of Trustees of the Montan-Stiftung-Saar trust today appointed Dr. Karl-Ulrich Köhler as the new Chairman of the Board of Management of SHS - Stahl-Holding-Saar and Chairman of the Board of Management of Saarstahl AG, AG der Dillinger Hüttenwerke and DHS - Dillinger Hütte Saarstahl AG, with effect from 1 January 2021. All board positions at both companies are well staffed and the functions of Tim Hartmann will be assumed cooperatively by the four managing directors of SHS during the transition period.

“Dr. Köhler is without doubt one of the experienced representatives of the German steel industry and we are delighted we were able to acquire him for this demanding task in an extremely challenging overall economic environment. He will assume this task while retaining his membership of the Board of Trustees. Dr. Köhler will deal comprehensively with the continued development of the Saarland steel industry and will be responsible for the areas of strategy, portfolio and innovation as well as finance,” said Reinhard Störmer, Chairman of the Board of Trustees of the Montan-Stiftung-Saar trust.

“The former Chairman of the SHS Management Board, Chairman of the Boards of Directors of both companies and Chief Financial Officer Tim Hartmann resigned today from his positions by mutual agreement. In his two years of working with us, Mr. Hartmann has, together with the management team and in coordination with the supervisory bodies, advanced a comprehensive strategy process under the heading “proactive, carbon-free, efficient.” These include in particular a growth strategy in sales and the company’s alignment with the transformation toward green steel. Another necessary priority was an extensive cost-cutting program that will significantly contribute to making our companies competitive again in a benchmark comparison.

Due to the overall difficult macroeconomic situation, the effects of the coronavirus pandemic, global overcapacities, subsidies, trade disputes, European climate targets and competition-distorting emissions trading, etc., it is important to have a steel expert with extensive experience at the helm for what continue to be challenging times. Our Board of Trustees member Karl-Ulrich Köhler is prepared to take up this challenge, and we are grateful to him for doing so,” Störmer added.

Dr. Köhler stated with regard to his new post:

“I would like to thank the Board of Trustees of Montan-Stiftung-Saar for the great confidence they have demonstrated in me in taking over the chairmanship of the Board of Management of SHS. It is a challenging task which I am very much looking forward to. As a member of the foundation's Board of Trustees, I belong to the Saarland steel industry. I am enthusiastic about the high level of expertise and loyalty of our employees and see important unique selling points in our products and services for the market.

Together with the employees of Dillinger and Saarstahl, I want to further develop the companies of the Group. To this end, we will quickly define the necessary milestones and work through them together. We want to demonstrate what we have been for centuries: world leaders in steel.”

About the Montan-Stiftung-Saar trust

Montan-Stiftung-Saar trust is the owner of SHS - Stahl-Holding-Saar GmbH & Co KGaA. It is thus the indirect owner of Saarstahl AG and the majority shareholder of AG der Dillinger Hüttenwerke. In addition, the Montan-Stiftung-Saar trust owns a venture company with which it participates in start-ups with new business models.

About SHS – Stahl-Holding-Saar GmbH & Co. KGaA

SHS - Stahl-Holding-Saar (formerly “SHS - Struktur-Holding-Stahl”) was established in 2010 as an operational management holding company, which has since actively taken on tasks for the Saarland steel industry. This has enabled both companies to work more closely together beyond the previously existing cooperative ventures and to have a stronger presence in their markets. They are working in unison to grow, to become more flexible and to increase competitiveness in their respective markets.

About Dillinger and Saarstahl

Dillinger is a world leader in the manufacture of steel heavy plate for the steel construction, machine manufacturing, offshore, offshore wind power and line pipe sectors. Saarstahl is a world leader in the manufacture of wire rod and bar steel for the automotive industry, the construction industry and for general machine manufacturing. Dillinger and Saarstahl belong to SHS – Stahl-Holding-Saar. More information can be found at www.dillinger.de or www.saarstahl.de.