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ArcelorMittal Reports Confidence in a Sustainable Steel Pricing Environment
09/04/2008 - ArcelorMittal states its belief that steel pricing will remain structurally strong in light of continued cost increases in raw materials and steel equipment.
ArcelorMittal announced in a press release its belief that continued cost increases in raw materials and steel equipment will continue to keep steel pricing structurally strong.
The company noted that Tuesday’s announcement from South Africa reflects specific currency developments and local price mechanisms. Globally, however, ArcelorMittal believes it will generally maintain its Q3 pricing levels into Q4.
The company also noted that it is currently engaged in negotiating 2009 contracts for Automotive, Packaging and Home Appliance customers, and said that it is making good progress in agreeing to substantial price increases.
The company also noted that it is currently engaged in negotiating 2009 contracts for Automotive, Packaging and Home Appliance customers, and said that it is making good progress in agreeing to substantial price increases.
In the case of seasonal market weakness, the company said it would adapt production to maintain stable pricing.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. The company also takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combating climate change.
In 2007, ArcelorMittal had revenues of USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10% of world steel output.
