Daido Steel Asks Customers to Pay 20% More for Steel Products

Bloomberg.com: Japan

Daido Steel Corp., Japan’s largest maker of specialty steel, asked automakers and other customers to pay 20 percent more for steel products because of soaring costs for raw materials such as nickel and molybdenum.

Nickel prices averaged 53 percent higher in 2004, while molybdenum rose fourfold last year, boosting costs at Nagoya- based Daido Steel, which gets about 70 percent of its revenue selling auto parts to companies including Nissan Motor Co. Daido Steel uses more of the metals than other steelmakers.

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