Eramet CEO Blames Losses on “Violent Crisis” in the Nickel Market

France 24 reported that Patrick Buffet, chairman and CEO of Eramet SA (EPA:ERA), is blaming losses at Societe Le Nickel, the company’s New Caledonia-based subsidiary, on a “violent crisis” that he says is gripping the nickel market.

As quoted in the market news:

Patrick Buffet said overcapacity in the global market for the metal was causing Société Le Nickel (SLN), the group’s nickel subsidiary based in New Caledonia, to rack up losses of 2.5 billion French Pacific francs ($27 million) per month.

‘The crisis in the nickel (market) is very, very violent and nobody expected it to reach such a level,’ Buffet told reporters in Noumea on Thursday after a board meeting of SLN, the largest private employer on the main island of Grande Terre in the French Pacific territory.

Click here to read the full France 24 report.