ArcelorMittal S.A.
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Publicatie datum
10 dec 2007 - 08:39
Statutaire naam
ArcelorMittal S.A.
Titel
Price increases for long products in Black Sea, Middle East, Mediterranean & Turkey due to market fundamentals & cost increases in Q1'08
Bericht
Luxembourg, 10 December 2007 - Strong demand and ongoing pressure from rising raw material and billet prices have led to increasing rebar and wire rod prices in Asia and Middle East. Due to continuing robust steel market fundamentals, ArcelorMittal announces a further price increase of $ 30/ton for long steel products for all new orders as of Jan 1st 2008 out of Black Sea for Turkey, Mediterranean, Middle East & North Africa (MENA) destinations.
This price increase comes as a result of ongoing strength in the macroeconomic environment in MENA, CIS and emerging Asia regions. Demand for steel products remains strong, with financial market jitters limited to mature Western markets. Billet prices into the region have risen over the past few weeks on strong demand and shifting trade flows.
The strength of the macroeconomic environment in MENA is supported by continuing high oil prices. The construction sector is particularly robust with a significant number of projects under construction and 2008 growth expected at a high rate similar to that of 2007.
Narendra Chaudhary, CEO of ArcelorMittal Krivy Riy, Ukraine, said: "The strong demand is untypical for this time of the year but clearly indicates that we are looking to a very healthy year 2008. We believe that trade flows are on the way to change and Ukraine will benefit from this."
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