ArcelorMittal is announcing a small EUR 10-20/MT price increase
for strip products, effective immediately, taking hot rolled coil in northern
Europe to EUR 550/MT ($705/MT).
ArcelorMittal has referred the market demand to be weaker
market and stated that is reducing its production volumes in Q3 to rebalance
its supply with steel consumer demand. ArcelorMittal is also planning to
undertake scheduled relining and maintenance stoppages in Dunkirk and Asturias
during the summer.
A senior company executive said that the increase was being
made because the current low level of prices is unsustainable. “Nobody is
making money at these levels,” the executive said, adding that the recent
depreciation of the euro was also increasing the cost of ArcelorMittal's
dollar-denominated raw materials prices.
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