Times have changed for Severstal and they are narrowing their focus.
“Recently appointed CEO Saikat Dey, 38, said he and his new team will try to make sure they get the best return in an industry suffering from extensive over capacity and slower growth in demand,” reports Reuters. Noting that, “The time of big acquisitions and expensive projects at Severstal North America is over and the steelmaker will now focus on improving returns.”
On Thursday, October 3, the day’s biggest mover was the cash price of steel billet, which saw a 4.8 percent increase on the LME to $219.50 per metric ton. Also on the LME, the steel billet 3-month price gained 2.1 percent to finish at $240.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC remained steady. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
At $648.00, the spot price of the US HRC futures contract finished the market day up 2.0 percent per short ton. The 3-month price of the US HRC futures contract inched up 0.8 percent to $640.00 per short ton.