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ArcelorMittal to Increase Flat Carbon Prices for Third Quarter

05/15/2008 - ArcelorMittal initiates a price increase for its flat carbon products in Europe that will bring the base price level for hot band to 720 €/tonne, with corresponding increases for cold rolled and coated flat product prices.

ArcelorMittal has announced a price increase for its flat carbon products in Europe, for new bookings with delivery scheduled for July and August 2008. The increase brings the base price level for hot band to 720 €/tonne, with corresponding increases for cold rolled and coated flat product prices.
 
According to the company, the additional price increase is the direct consequence of the significant rise in raw material prices (including coking coal) since the beginning of this year. The rise in raw material prices has been further exacerbated by the sharp rise of scrap prices in recent months.
 
"These price increases have been made necessary on account of the unprecedented escalation in input costs that we have seen this year,” commented Patrick Depardon, VP Sales and Marketing of ArcelorMittal Flat Carbon Europe. “We are taking all available steps to ensure undisrupted supply to our customers.”
 
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, 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 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.