Iron ore price rises on firmer steel outlook, but trade tensions cap gains
Lower Chinese steel product inventory driven by robust exports also supported iron ore prices above $100/t.
The world’s largest miner BHP Billiton (ASX, NYSE: BHP) announced major changes in its management team lineup Wednesday.
Petroleum and potash head Mike Yeager will step down in July. He was leader when the miner hit a slump in shale oil in the US.
He will be replaced by diamonds and specialty products division lead Tim Cutt, who previously worked in petroleum production after coming to the company from ExxonMobil.
Peter Beaven retains his seat as head of copper and base metals.
Dean Dalla Valle will lead BHP’s merged metallurgical and energy coal division. He replaces both Marcus Randolph, who is on sick leave and will leave the management committee in May, as well as retiring Hubie Dan Dalsen.
Daniel Malchuk takes over the consolidated aluminium, manganese and nickel businesses from Alberto Calderon. Malchuk formerly was the head of minerals exploration.
Calderon will remain with the company as an advisor to the newly appointed CEO.
Jimmy Wilson remains the head of iron ore.
Earlier in the year, BHP appointed Andrew Mackenzie as the new chief executive officer.
