R/€ = 13.08
R/$ = 11.60
Au 1283.00 $/oz
Pt 1255.50 $/oz
Mar 03, 2008
Steel giant to raise prices by between 15% and 25% in AprilBack
Africa|ArcelorMittal South Africa|System|Africa|Flat Steel|Long Steel Products|Products|Steel|Steel Prices|Steel Producer|Iron Ore|Iron-ore|Rick Reato
© Reuse this Africa’s largest steel producer ArcelorMittal South Africa would increase its prices by between 15% and 25% in April, a spokesperson for the company confirmed.
This would be the third consecutive monthly increase. In February, steel prices rose by between 3% and 10%, and in March the prices of flat steel increased by 10% and long steel products by 12%.
Outgoing CEO Rick Reato warned at a results presentation last month, that steel prices would increase, as ArcelorMittal South Africa’s input costs had surged by 14% in 2007.
At the time, he said that the iron-ore price was expected to go up substantially this year.
Last year, ArcelorMittal South Africa bumped heads with South African competition authorities, following complaints from industry over its pricing system, as was slapped with a R691,8-million fine for charging excessive prices.
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