This morning in metals news, it was a busy week for U.S. Steel, copper hit a two-week high and miner Rio Tinto signed its first portside iron ore contract in Chinese currency.
U.S. Steel Looks to the Future
Steelmaker U.S. Steel this week announced CFO Kevin Bradley’s intention to resign effective Nov. 4.
Bradley will be succeeded by Christine Breves, the firm’s senior vice president of manufacturing support and chief supply chain officer.
“Kevin has served U. S. Steel well as CFO, contributing to the transformation of the company, including last week’s announcement of our investment in Big River Steel,” CEO and President David Burritt said. “Kevin’s leadership improved the company’s balance sheet and enabled the company’s transformation to a world competitive ‘best of both’ integrated and mini mill technology company.”
In addition, the company is rolling out a new operating model that will go into effect Jan. 1, 2020, in an attempt to cut costs and boost the company’s technological standing.
“The realignment of U.S. Steel’s leadership team around more nimble and efficient executive functions, notably to sharpen focus on operational and commercial excellence and promote technological innovation, will enable the company to establish a more competitive cost structure with enhanced capabilities to serve priority customers in strategic markets,” the company said.
“Additionally, this enhanced operating model will create a new, differentiated U.S. Steel with a team that is charged with leading the execution of the strategy and increasing profitability. It also will further unlock the value of U. S. Steel’s announced investments in Big River Steel and at Mon Valley Works and Gary Works to drive profitable growth, deliver capital and operational cash improvements, and position U. S. Steel to continue to be an industry leader in delivering high-quality, value-added products.”
Copper Hits Two-Week High
Whether it proves to be founded or not, optimism regarding the potential for a partial trade deal between the U.S. and China has offered support to the copper price.
Top-level negotiators from the two countries met Thursday and Friday, with some hope the countries could agree on at least some concessions.
According to Reuters, LME copper rose 0.4% to $5,805 per ton, buoyed by the optimism coming from this week’s talks.
Rio Tinto Signs Contract in Yuan
Multinational miner Rio Tinto has signed its first portside Chinese iron ore contract using Chinese Renminbi, Reuters reported.
The contract featured the sale of 10,000 tons of mid-grade iron ore to Chinese company Shanxi Gaoyi Steel Co Ltd, according to Reuters.