In addition to his Chief Operating Officer title, US Steel’s current COO Mario Longhi is moving into the president’s chair at the steel company, according to Businessweek.
Longhi will now assume additional responsibility for human resources and risk management, according to the article. Surely, commodity risk management will factor into the role as well, as steel prices and raw materials are still not entirely out of the woods volatility-wise.
Speaking of volatility, with a decline of 6.2 percent on the LME to $150.00 per metric ton on Thursday, May 30, the steel billet 3-month price recorded the biggest decline of the day on the MetalMiner IndX℠. At $125.00 per metric ton, the steel billet cash price on the LME was down 3.8 percent from the previous market day.
For the fifth consecutive day, the US HRC futures contract 3-month price held flat at $600.00 per short ton. The US HRC futures contract spot price remained essentially flat at $578.00 per short ton.