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.
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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