Monday September 12, 11:09 AM EDT
FRANKFURT -(Dow Jones)- German steel company ThyssenKrupp AG (TKA.XE) said Monday it is increasing its prices for quality flat steel by EUR20 to EUR30 a ton effective Oct. 1, citing a stabilization in the steel market and a return to normal levels of inventories at European customers.
The company said the price increases are “urgently required” due to high raw material costs.
“Furthermore, we’re thinking about an additional price increase effective Jan. 1,” a company spokesman said.
Earlier Monday, German steel company Salzgitter AG (SZG.XE) had announced it’s raising the price for flat steel by EUR30 per ton effective Oct. 1.