LME To Investigate Feasibility Of Launching Steel Futures

The London Metal Exchange (LME) today announced that it will establish a Steel Group, which will advise on the feasibility, and desirability, of launching steel futures on the Exchange. The Group, whose members will be announced shortly, will report to the LME Board with its findings, to be delivered in October 2005.

Commenting on this announcement, Simon Heale, LME Chief Executive, said:

“The steel industry has been in need of reliable risk management tools for a number of years now, and the Exchange has already gone some way towards investigating its requirements.

Today’s announcement formalises our commitment to review the feasibility of exchange-traded steel futures.”