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Rising commodity prices are 'greatest danger' to industry, says Odey's Steel

Henry Steel is a portfolio manager at London-based hedge fund Odey Asset Management. As a fresh-faced Oxford graduate, he spent four years at Rio Tinto as a ‘turtle’ before moving to Odey, where he made waves by shorting Rio subsidiary Turquoise Hill. Steel’s forensic research and confrontational approach with management has made him a marmite figure among mining CEO’s, but his process has seen Odey’s natural resources-focused fund achieving returns of +35% since launch 18 months ago compared to the natural resource index, which is down 11%. Mining Journal caught up with him over a coffee for some Q&A.

Rising commodity prices are 'greatest danger' to industry, says Odey's Steel Rising commodity prices are 'greatest danger' to industry, says Odey's Steel Rising commodity prices are 'greatest danger' to industry, says Odey's Steel Rising commodity prices are 'greatest danger' to industry, says Odey's Steel Rising commodity prices are 'greatest danger' to industry, says Odey's Steel

Steel on a visit to the Simandou iron ore project in Guinea

Mining Journal: How did you end up working in the natural resources sector?

Henry Steel: I am fortunate in that I knew what interested me early on.