ArcelorMittal SA to increase steel prices - 02 Jul, 2008
Bloomberg reported that ArcelorMittal South Africa Ltd, facing a steel tariff probe by antitrust regulators, will raise prices by 3% to 14% in August and expects further increases in international charges.
Mr Tami Didiza a spokesman of ArcelorMittal SA said that long and flat products will gain by an average of ZAR 500 (USD 63) a tonne. It added that the latest increase will take benchmark hot rolled coil to USD 1,080 a tonne as compared with USD 1,200 a tonne in the North American market and USD 1,260 in Europe.
Africa's biggest steelmaker is fighting a record penalty after South African antitrust authorities found it guilty of excessive pricing last year. Regulators last month launched a new investigation into alleged price fixing by ArcelorMittal South Africa and rivals including Highveld Steel & Vanadium Ltd.
