August 30, 2008

ArcelorMittal to hike flat products prices in EU in Q3

ArcelorMittal has announced a price increase for its flat carbon products in Europe, for new bookings with delivery scheduled for July and August 2008.

It said that the new base price level for hot band will be EUR 720 per tonne and cold rolled and coated flat product prices will increase accordingly.

ArcelorMittal release said that “This further price increase is a direct consequence of the significant rise in raw material prices since the beginning of this year including coking coal and has been further exacerbated by the sharp rise of scrap prices in recent months”

Mr Patrick Depardon VP sales and marketing of ArcelorMittal Flat Carbon Europe said that "These price increases have been made necessary on account of the unprecedented escalation in input costs that we have seen this year. We are taking all available steps to ensure undisrupted supply to our customers."