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Cargill Ferrous Intl closing two physical trading desks - 30 November 2011

Cargill Ferrous International is closing its physical trading desks in Geneva and Hong Kong, sources close to the company tell Steel Business Briefing.

“There may be further restructuring,” one source within the company says. At this stage it is unclear whether steel derivatives will be affected by the move. An official communication is expected from the company within the next week or so.

The company confirmed that it was reviewing its steel trading team as part of a broader review of its operations, without providing further details.

Several traders in Signapore have also left over the last few years, but it is unclear how this office will be affected by the move. The company's other main steel trading hub is Minneapolis, USA.

Cargill trades iron ore, scrap, coal, pig iron, hot rolled coil and billets. It also operates a steel distribution business in the USA and China.

 

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