Steel futures will become widely used – it is only a matter of time before people realise the competitive advantage they give, according to an executive at World Steel Exchange, a new US-based trading venue.
Patrick McCormick, president of World Steel Exchange Marketing, the group’s marketing arm, said: “This is not a question of if it’s going to be a success. It is a question of when.”
“These tools have tremendous value,” he said. “What we really have here, is an educational opportunity to help people become aware of how to constructively use these new tools to their advantage. And a lot of fears that you hear expressed today are just a fear of change, a fear of the unknown.”
World Steel Exchange is a new exchange set up by Chicago Climate Futures Exchange and World Steel Dynamics, a steel...