ArcelorMittal today announces a further price increase for its flat carbon products in Europe of 40 €/t. This takes the minimum base price to EUR600/t for hot rolled coil and to EUR680/t for cold rolled/coated products.

Quarto plate will increase by a minimum of 40€/t for commercial grades. This comes in addition to the earlier announcement of a 50€/t increase.

The new price level will be effective for all new contracts for the 2nd quarter and is implemented with immediate effect.

Today’s announcement follows the final settlement for the 2008 iron ore contracts. ArcelorMittal indicated in a recent release announcing price increases of some 12 – 15% that further increases might be required as a result of the final outcome of the ongoing negotiations.

Christophe Cornier, CEO of ArcelorMittal Flat Carbon Europe, commented: ”Raw materials have reached an unprecedented cost level for our industry. It is now important to secure sufficient supply and to overcome all logistic hurdles, to make sure our customers obtain the volumes they require.” – Press Release