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Article: SOARING AUSTRALIAN DOLLAR HAVING LITTLE IMPACT ON SMORGON STEEL.
- Article from:
- AsiaPulse News
- Article date:
- May 22, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BRISBANE, May 22 Asia Pulse - The soaring Australian dollar is having little impact on the Smorgon Steel Group Ltd (ASX:SSX).
Managing director Ray Horsburgh said today the company was a net exporter of scrap metal which provided a natural hedge against movement in the price of scrap, traded in United States dollars on the New York Metal Exchange.
Smorgon is the largest collector of ferrous scrap in Australia and will this fiscal year collect about 1.1 million tonnes.
Scrap is currently trading for around US$150/tonne, down from its peak of US$187/tonne in January.
And the Australian dollar is climbing higher within sight of 66 US ...