8/3/2012 — Flats service center Flack Steel has hired a full-time risk management director to assist customers in managing market volatility through hedging, the Cleveland-based company said yesterday.
Flack tapped David Feldstein, who has more than 10 years of experience trading on the Chicago Mercantile Exchange and Chicago Stock Exchange, and most recently worked as an equities, commodities and currency futures trader.
Hiring a full-time risk manager focused on hedging is somewhat unorthodox in the service center sector, as many in the steel industry have been reluctant to embrace futures or derivatives-based trading. Flack president Jeremy Flack said in a statement that Feldstein’s hiring shows his company is “all in” when it comes to harnessing market volatility through hedging.
“I’ve tasked David with assembling a team and executing strategies to help our customers use technology and hedging strategies to effectively manage their costs and mitigate risk,” Flack said.
Feldstein said the timing is right, as “this industry is looking for solutions following unprecedented market volatility.”
Founded in 2010, Flack Steel distributes hotrolled, coldrolled, galvanized and painted sheet products throughout the US, Mexico and Canada.
(via Platts SBB)