Genzink Steel Names John Maxson as CEO; Steel Billet Drops 3.4%

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Genzink Steel has promoted “John Maxson, chief operating officer of Genzink Steel for the past 10 years… to chief executive officer,” reports mlive.

“The announcement was made by Ken Genzink, chairman of the company founded in 1961 by his father, Donald Genzink. The company now employs more than 140.”

“’Under the direction of Maxson as its chief operating officer and the management team he has developed over the last ten years, Genzink Steel has become a premier, nationally recognized supplier of fabricated steel products serving some of the largest original equipment manufacturers of heavy equipment in the oil and gas, mining, rail, energy and defense industries across North America,’ the company said in a news release.”

The steel billet cash price saw the biggest decline of the day, dropping 3.4 percent on the LME to close at $285.00 per metric ton on Friday, January 3. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $285.00 per metric ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. For the fifth day in a row, the price of Chinese HRC remained essentially flat. The price of Chinese coking coal saw little movement.

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The 3-month price of the US HRC futures contract showed little movement last Friday at $633.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $675.00 per short ton.