Alton Steel Chooses Former Essar Steel Exec as New CEO; 3-Mo Steel Billet Up 8.3%

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Alton Steel, Inc. announced today that they have chosen a new CEO. The Board of Directors elected James Hrusovsky, former CEO for Essar Steel Algoma.

According to the company’s press release, Hrusovsky “will succeed Charlie Linnemeyer who will remain with the company as a Senior Advisor, working with Hrusovsky and the Board in a sales and business development capacity.”

“’As we conclude our tenth year in business, we are ready to enter our next era of growth,’ said Linnemeyer. ‘We are very fortunate to have such an excellent executive as Jim Hrusovsky to help us take the next step.’”

In metal price news…

The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 8.3 percent increase on the LME to $260.00 per metric ton. This comes on the heels of a 2.0 percent decline the week prior. Also on the LME, the cash price of steel billet spiked 8.3 percent last week to $260.00 per metric ton.

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Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. Following a 1.7 percent increase in the week prior, the price of Chinese HRC fell 1.7 percent last week. Following a steady week, prices for Chinese coking coal closed flat. Chinese slab rose 2.0 percent over the past week.

In the past week, US shredded scrap saw its price shift up 2.3 percent. With a 0.8 percent decrease, the US HRC futures contract 3-month price closed the week at $645.00 per short ton. This past week, the spot price of the US HRC futures contract kept quiet, holding at at $676.00 per short ton.

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Korean steel prices were flat for the week. Korean steel scrap remained unchanged for the week. Korean pig iron traded sideways last week.

The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.