August 9, 2011 / 9:49 PM / 7 years ago

UPDATE 1-Timminco Q2 loss narrows; appoints new CEO

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Aug 9 (Reuters) - Timminco Ltd’s quarterly loss narrowed on strong demand for its silicon metal product lines and the company named a new chief executive.

The Toronto-based company, which produces silicon metals for the chemical, metal and solar industries, said Douglas Fastuca replaced Heinz Schimmelbusch, who will remain chairman.

Fastuca was the vice-president, corporate development, of Advanced Metallurgical Group, which is the top shareholder of the Canadian company.

Timminco’s April-June loss narrowed to C$5.3 million, or 3 Canadian cents a share, from C$9.7 million, or 5 Canadian cents a share, a year ago.

Revenue fell 39 percent to C$21 million, which reflected the 49 percent sale of its metal producing facility to Dow Corning last year.

“Our results for the second quarter reflect the continued operation of our silicon metal operations at capacity, excluding planned major maintenance shut downs, as well as sales of 87 metric tons solar grade silicon from inventories,” Schimmelbusch said in a statement.

Shares of the company closed at 30 Canadian cents on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)

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