On Air Now

Current Show

News & Views with Joel Heitkamp   8:30 AM - 11:00 AM

Call News & Views at 800-880-5346 or 701-237-5948

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 790 AM Fargo-Moorhead

Weather

Current Conditions(Fargo,ND 58103)

More Weather »
61° Feels Like: 61°
Wind: W 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 84°

Tonight

Clear 58°

Tomorrow

Sunny 85°

Alerts

Warburg Pincus hires ArcelorMittal's ex-mining chief: FT

Peter Kukielski, Senior Executive Vice President and Head of Mining for ArcelorMittal, speaks at the Reuters Global Mining and Steel Summit
Peter Kukielski, Senior Executive Vice President and Head of Mining for ArcelorMittal, speaks at the Reuters Global Mining and Steel Summit

(Reuters) - U.S. private equity firm Warburg Pincus has appointed ArcelorMittal's former mining head, Peter Kukielski, as "executive in residence" to aid its plan to buy non-core assets from natural resource groups, the Financial Times reported on Sunday.

According to the FT, Kukielski has already identified non-core assets at natural resources groups under pressure from subdued commodity prices.

Kukielski told the newspaper that many large mining companies have decided to streamline their portfolios and divest assets that are not material to them as demand is uncertain, prices are dropping and investors are unhappy about the performance of the mining industry as a whole.

An investment in mining by Warburg Pincus would be its first since 1988, when it bought a stake in Arizona-based Magma Copper.

Warburg Pincus could not be reached for a comment outside of normal business hours.

(Reporting by Aashika Jain in Bangalore; Editing by Steve Orlofsky)

Comments