The London Metal Exchange’s (LME) success in developing steel futures was recognised this week when the LME Steel Billet contract won a prestigious annual award for innovation at the American Metal Market’s (AMM) Awards for Steel Excellence. The strong category of eight nominations included innovations by Arcelormittal, BMW and Latrobe Steel.
The AMM citation singled out the LME’s success in introducing the first physically settled steel contract to the USA with the addition of warehouses in Detroit, Chicago and New Orleans.
Martin Abbott, Chief Executive of the LME, said: "We are delighted to receive this endorsement for LME Steel Billet from the USA's most important steel publication. We foresee that what seems innovative today will soon become one of the essential and familiar tools used by steel executives to manage risk, serve customers and deliver shareholder value."
Chris Evans, Head of Business Development at the LME, who collected the award, added: “Innovation is important for the US steel industry, its customers and suppliers and we will continue to work with all to help them get the most out our contract.”
Since launch in 2008 LME Steel Billet has traded 355,484 lots, the equivalent of 23.1 million tonnes and $11.1 billion.