Steel mills should consider futures: execs

Jun 20, 2013 | 04:28 PM | Thorsten Schier

Tags  steel futures, Patrick McCormick, World Steel Dynamics, John Banaszkiewicz, Patrick McKormick, Martin Evans, CME, Chicago Mercantile Exchange CME Group

NEW YORK — While end-users have been the early adopters of steel futures, mills also are starting to experiment with the instruments, according to executives at the Steel Success Strategies XXVIII conference in New York sponsored by AMM and Englewood Cliffs, N.J.-based World Steel Dynamics Inc. (WSD).

"The producers, as they run their tests on futures, will find that (hedging) is not just a consumer opportunity ... but they can use it for themselves to protect against raw material devaluation as well as selling-price devaluation," said Patrick McCormick, president of Englewood Cliffs-based World Steel Exchange Marketing LLC and managing partner at WSD.....

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