Mechel Replaces CEO; 3-Month US HRC Futures Contract Down

Mechel, the Russian coal miner and steelmaker, is still suffering under great debt and has decided to make some changes. The company “has appointed Oleg Korzhov, its senior vice-president for economics and management, as chief executive replacing Evgeny Mikhel, who had been CEO since 2010,” reports Reuters.

“In a statement on Tuesday, Mechel said Mikhel had left the company. The company had already said its board would meet to consider Mikhel’s early resignation.”

“The departure comes after Mechel reported a net loss of $2.2 billion in the first nine months of 2013. Its net debt was $9.4 billion including financial leases as of Dec. 6.”

In metal price news for steel…

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India was range bound. Chinese HRC prices held steady from the previous week. Chinese coking coal remained essentially flat from the previous week. Chinese slab prices were off slightly, down from a week ago.

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This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $285.00 per metric ton. Closing at $300.00 per metric ton, the cash price of steel billet remained unchanged on the LME for the week.

Korean steel prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat. Korean pig iron prices held steady from the previous week.

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