News Wrap

IN THIS morning’s News Wrap: Cheap Australian iron ore feeding China steel glut ‘like a bad virus’; BHP bids for oil assets as prices tumble; and Emeco chief executive Ken Lewsey steps down.

Lou Caruana

Cheap Australian iron ore feeding China steel glut ‘like a bad virus’

Cliffs Natural Resources believes steel exports from China will surge to more than 100 million tonnes this year as local mills benefit from cheap iron ore to produce more than Asia's top economy needs, according to Bloomberg.

“It's like a bad virus,” Cliffs CEO Lourenco Goncalves said.

“Australia continues to give iron ore to China almost for free, allowing them to produce more than they need.”

BHP bids for oil assets as prices tumble

BHP Billiton has held its nerve over plunging crude oil prices to emerge as the dominant bidder for oil and gas leases in deep waters off the southern coast of the United States, according to the Sydney Morning Herald.

BHP president of exploration David Rainey said the resources company would “invest through the cycle”, after lobbing 26 bids worth $US16.3 million for the Gulf of Mexico blocks auctioned by the US government.

Emeco chief executive Ken Lewsey steps down

Emeco chief executive Ken Lewsey has stepped down from the helm of the equipment rental company, sparking an immediate management reshuffle, according to the Sydney Morning Herald.

Lewsey, a former Aurizon executive, joined Emeco in 2013 and helped guide the company through challenging market conditions as a downturn in commodity prices impacted spending in the mining industry.

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