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ArcelorMittal to Increase Long Products Prices in Middle East, Mediterranean
12/11/2007 - Strong demand and rising raw material and billet costs have prompted ArcelorMittal to announce an additional $30/ton price increase for long steel products out of the Black Sea for Turkey, Mediterranean, Middle East, and North African (MENA) destinations.
Prompted by strong demand and cost pressures due to rising raw material and billet prices, ArcelorMittal has announced an additional $30/ton price increase for long steel products out of the Black Sea for Turkey, Mediterranean, Middle East, and North African (MENA) destinations. The increase applies to all new orders as of Jan 1, 2008.
Prices for rebar and wire rod have been rising in Asia and Middle East as a result of ongoing strength in the macroeconomic environment in MENA, CIS and emerging Asia regions. Demand for steel products remains strong, with financial-market jitters limited to mature Western markets. Billet prices for the region have also risen over the past few weeks on strong demand and shifting trade flows.
Strength of the MENA macroeconomic environment is supported by continuing high oil prices. The construction sector is particularly robust with a significant number of projects under construction and 2008 growth expected at a high rate similar to that of 2007.
“The strong demand is untypical for this time of the year but clearly indicates that we are looking to a very healthy year 2008,” said Narendra Chaudhary, CEO of ArcelorMittal Krivy Riy, Ukraine. “We believe that trade flows are on the way to change and Ukraine will benefit from this.”
ArcelorMittal is the world's largest steel company, with 320,000 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 strong distribution networks. An industrial presence in 27 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 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
