Report of the Directors
Business Review

Delivering Value

Managing Metals for Our Businesses
and Our Customers

Around 70% of Johnson Matthey products and businesses involve platinum group metals (pgms) and so the sourcing of them is a vital service to our businesses and their customers. Our pgm trading team within our Precious Metals Marketing and Distribution business fulfils a key strategic function for the group, acting rather like a pgm ‘treasury’. It looks after the group’s metal, ensuring we remain fully hedged at all times, eliminating exposure to fluctuations in pgm prices. It also plays a crucial role in optimising the group’s metal stocks making sure we have the right amount of the right type of metal in the right form, ready for our manufacturing units to make products to meet their customer orders.

The team also manages metal on behalf of our customers who may choose to deposit their own metal with us, either to fund their orders or following refining. It also sells pgms to internal and external customers and, as a result, is the world’s largest supplier of pgms for physical use.

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