Arrium’s CFO goes as the miner seeks a deal on its $2 billion debt

Qian’an steelworks in Tangshan, China. Xiaolu Chu/Getty Images

Arrium’s chief financial officer, Robert Bakewell, has left the company.

Bakewell, who was in the role since 2009, is going to building products group Brickworks as its CFO.

Arrium’s current group financial controller, Anthony Brooks, has been appointed interim CFO.

The steel maker and iron ore miner today extended its trading halt as it continues talks with its banks and note holders over a $2 billion debt.

Lenders rejected a $US927 million recapitalisation by GSO Capital Partners, which would have given the Blackstone subsidiary a 15% holding.

The company has been caught in the global fall in commodity prices and in the steel glut caused by overproduction in China.

At stake is the Whyalla steelworks in South Australia and about 1000 jobs. The company has said it is looking at mothballing the plant because the steelworks are uneconomical without major cuts and an injection of capital.

The company posted a half year loss of $235.8 million. Sales revenue was down 14% to $2.76 billion.

Arrium shares last traded at $0.022.