The chairman of Swedish steelmaker SSAB, Bengt Kjell, will step down in the wake of recent ownership changes, the company said.

SSAB said it would propose board member Lennart Evrell, former chief executive of metals group Boliden, as new chairman, while reducing the number of board members to seven from eight.

“In consequence of the ownership changes in SSAB during May and June this year, Bengt Kjell, chairman of the Board of Directors, has today informed the Board that he wishes to resign from the Board at the earliest convenience,” it said in a statement.

Kjell is also a board member at long-time SSAB shareholder Industrivarden, which in May sold its stake, after which Swedish miner LKAB increased its holding in SSAB to become its largest owner.

The Finnish government said it would take over direct control of shares in SSAB from Solidium, the state investment firm. It owns 6.3 per cent of the shares and 8 per cent of votes. SSAB, which specialises in high-strength steel grades for the high-end market, added that it would hold an extraordinary general meeting as soon as possible due to the changes.