In view of profits rising by a mere 16% in the first quarter of this year ArcelorMittal have acted quickly to ensure better results for the second half of the year!
ArcelorMittal said it is raising prices on flat carbon steel products for new orders with scheduled deliveries in July and August, and that it is taking 'all available steps' to avoid supply disruptions to customers.
The price rise brings the base level for hot band steel to 720 euros per tonne. Cold rolled and coated flat product prices will rise accordingly.
ArcelorMittal cited a significant rise in its raw material costs, including coking coal, that has been exacerbated by a sharp rise in scrap prices.
It did not elaborate on specific threats to customer supplies other than indicating that its own cost increases could be one. Company spokespeople could not be immediately reached to comment.