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ArcelorMittal to Increase Base Prices for Flat Carbon Products in Europe
02/22/2008 - ArcelorMittal announces a further 40 €/tonne price increase for its flat carbon products in Europe, which is in addition to an earlier increase of 12 to 15% for flat carbon steel prices in Europe.
ArcelorMittal has announced a further 40 €/tonne price increase for its flat carbon products in Europe.
The increase takes the minimum base price to EUR600/t for hot rolled coil and to EUR680/t for cold rolled/coated products. Quarto plate will increase by a minimum of 40€/t for commercial grades.
The increase is in addition to the company’s earlier announcement of a 50€/t increase. In that announcement, ArcelorMittal had indicated that further increases might be required as a result of the final outcome of negotiations for the 2008 iron ore contracts, which have now been concluded.
“Raw materials have reached an unprecedented cost level for our industry,” commented Christophe Cornier, CEO of ArcelorMittal Flat Carbon Europe. “It is now important to secure sufficient supply and to overcome all logistic hurdles, to make sure our customers obtain the volumes they require.”
The new price increase will be effective for all new contracts for the 2nd quarter, and is implemented with immediate effect.
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global 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. An industrial presence in 28 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro forma financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.
