The London Metal Exchange (LME) has announced the appointment of four new members to its Steel Committee as it prepares to launch two steel industry-related contracts in November 2015—one for ferrous scrap and the other for steel rebar.
The new Steel Committee board members are:
- William Schmiedel, Sims Group Global Trade Corporation, an affiliate of Sims Metal Management;
- Spencer Johnson, INTL FCStone;
- Phillip Killicoat, Goldman Sachs Commodities; and
- Gianpiero Repole, Liberty Commodities.
“We are pleased to welcome these new members to the committee,” says Matthew Chamberlain, the LME’s head of business development. “The Steel Committee has been influential in the design of the LME’s new suite of cash-settled steel contracts, and we value the expertise these new members will bring as we head towards launch.”
The LME also has appointed industry veteran Christian Schirmeister as a senior consultant in its Product Development team, where he will be responsible for promoting the new ferrous contracts to the industry. Schirmeister previously worked in the Global Commodities Group at JP Morgan and before that spent 13 years at the German firm Metallgesellschaft AG.
The LME’s corporate structure includes a number of product advisory committees, comprised of industry participants. The committees report to the LME board. The LME Steel Committee is responsible for ensuring that the LME’s activities and initiatives in steel represent the industry’s needs and for recommending initiatives and changes it considers appropriate.