Glencore iron ore head Wolfensberger takes time out

Commodity giant Glencore’s iron ore trading head, Christian Wolfensberger, is taking time out from the company, several sources have told Steel First.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Glencore ceo Ivan Glasenberg, alongside Wolfensberger’s iron ore co-head Mark Eames, will take responsibility for the iron ore division in Wolfensberger’s absence, Steel First understands.

Wolfensberger will remain co-head of the iron ore business during his leave, the length of which has not been specified, sources said.

There has been confusion in the market as some people understood that Wolfensberger had left the trader, although sources close to Glencore insist that he is taking time out for personal reasons and will return to normal duties.

Wolfensberger, a Glencore veteran of about 20 years’ standing, was appointed co-head of the iron ore division when it was set up at the beginning of 2012.

He previously worked in the company’s nickel and ferroalloy businesses.

The Swiss national had a $580 million holding in Glencore in 2011, when the world’s largest commodity trading house went public in a multi-billion-dollar initial public offering (IPO).

The company’s iron ore team, which has 15-20 traders in its Switzerland headquarters alone, now trades about 60 million tonnes of iron ore a year.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed