ANGLO, IDC PLAN ISCOR SHAKEUP

SOUTH Africa’s Anglovaal Mining and the Industrial Development Corp (IDC) are planning a board shakeup at steel group Iscor that would see the removal of Iscor executive chairman Hans Smith. Anglovaal and IDC said in a joint statement that they proposed to remove and replace six directors from Iscor’s board. Anglovaal Mining (Avmin) and IDC together hold a 26% stake in Iscor. ” it will the prerogative of the reconstituted board of directors and the executive management team of Iscor to determine the appropriate future strategies Iscor should follow to unlock value for all shareholders,” the statement said. – Reuters