Europe's Largest Steelmaker ArcelorMittal Raises Product Prices by 13%
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[Asia Economy Reporter Park Byung-hee] Europe's largest steelmaker ArcelorMittal is raising product prices, Bloomberg reported on the 31st of last month (local time).
The increase in European natural gas prices has led to higher electricity costs, resulting in increased production expenses.
According to sources, ArcelorMittal plans to raise the price of hot rolled coil by 13% from November, supplying it at 850 euros per ton. Another source stated that ArcelorMittal will increase the price of long steel by 150 euros per ton.
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European natural gas prices have risen nearly tenfold compared to a year ago due to Russia's reduction in gas supply.
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