Vedanta Appoints Former Rio Tinto Boss As CEO; US HRC Futures Contract Down

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Vedanta Resources has appointed Tom Albanese as the next chief executive, “restored to the helm of a global mining giant more than a year after being ousted as head of Rio Tinto Plc,” reports Reuters.

“The appointment of Albanese, an American, is the latest step by London-listed Vedanta to stretch beyond its Indian roots and match the long-held ambitions of its owner to compete with the likes of Rio and BHP Billiton.”

“Vedanta’s stock rose as much as 6 percent to become one of the top percentage gainers on the FTSE-250 Midcap Index.”

“‘Vedanta has been perceived by the market as an Indian-centric company,’ Citi Research analyst Jatinder Goel wrote in a note. ‘The appointment of Albanese, in our view, should help to globalise the business and remove this perception.'”

“Vedanta, controlled by one-time scrap metal dealer Anil Agarwal, was one of three miners to drop out of the FTSE-100 index last year. Its stock has lost more than a quarter of its value in the last 12 months.”

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 saw a 1.2 percent decline over the past week. Prices for Chinese coking coal remained constant, closing the week. The week finished with no movement for Chinese slab.

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Since last week, the price of the cash price of steel billet fell to $350.00 per metric ton on the LME after moving 1.4 percent. The steel billet 3-month price saw a 1.4 percent drop this week on the LME, closing at $355.00 per metric ton.

Korean steel prices were mixed for the week. After a 1.6 percent decline, Korean steel scrap closed out the week. Following a steady week, prices for Korean pig iron closed flat.

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