ThyssenKrupp says further price increases in steel ‘unavoidable’

Yahoo! Finance

ThyssenKrupp said further increases in its steel prices are ‘unavoidable’ following the recent hike in iron ore costs.

‘There is no way we can avoid this,’ a company spokesman said, adding an increase will ‘most likely’ be made for the quarter beginning July 1.

In January, it had said steel prices will be raised by 15 eur per tonne from April 1.

ThyssenKrupp said last week it will have to pay 71.5 pct more for iron ore from Canada supplied by Anglo-Australian miner Rio Tinto and that it expects similar price hikes for iron ore from other suppliers.

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