GM to Cut South Korean Jobs in 2014; US HRC Futures Contract 3-Month Price Breaks Flat Spell

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GM has some big plans in mind. “As [the] pulls its Chevrolet brand from the European market, the company announced it will cut jobs in South Korea next year,” reports IndustryWeek.

“GM Korea will launch a voluntary departures program for 6,000 employees who do not work in factories by the end of March, GM spokesman Greg Martin said.”

“The company did not disclose the exact number of job cuts sought.”

“GM’s 10,000 factory workers in South Korea are not included in the downsizing, Martin said.”

In metal price news for steel…

Following a three-day flat streak, the US HRC futures contract 3-month price dropped by 0.3 percent to end at $643.00 per short ton on Tuesday, December 17. The spot price of the US HRC futures contract remained essentially flat at $676.00 per short ton.

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Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India were range bound. After remaining flat for three days, the price of Chinese HRC fell 0.3 percent yesterday. The price of Chinese coking coal continues to hover for the fifth day in a row.

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The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $260.00 per metric ton. The 3-month price of steel billet saw little movement on the LME at $260.00 per metric ton.