ArcelorMittal Announces for an Increase in Steel Sheet Prices

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ArcelorMittal Announces for an Increase in Steel Sheet Prices
ArcelorMittal Announces for an Increase in Steel Sheet Prices

ArcelorMittal Announces for an Increase in Steel Sheet Prices

ArcelorMittal USA has announced a new round of steel sheet price increases which will be effective immediately. The company has raised their hot rolled pricing to $34.00/cwt ($680 per ton) and cold rolled and coated to $39.50/cwt base + extras ($790 per ton plus extras). The announcement regarding an increase in steel sheet prices was made via email to their customers by ArcelorMittal USA.

The company advised their spot prices on all new orders and quotes would increase effective immediately. Now hot rolled base is priced at $630 per ton. The cold rolled base has been kept at $730 per ton. Customers will need to pay applicable taxes. ArcelorMittal was in news for its new agreement with an Algerian state-owned company which aims to increase production.

ArcelorMittal and Sider, an Algerian State-Owned Company Agreement

To ensure a long term future for steelmaking in Annaba and mining in Tebessa, ArcelorMittal and Sider have entered into an agreement. The strategic agreement is aimed at investing US$763m for the steel complex at Annaba and the mines in Ouenza and Boukhadra. The company with the plan aims to double the plant’s production capacity from 1 million to 2.2 million tons per year by 2017.

A release from the organization says that the production unit will be modernized through the relining of the blast furnace, modernization of the sinter plant, the steel plant and the rolling mills.

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ArcelorMittal agreed to reduce its shareholding in both ArcelorMittal Annaba and ArcelorMittal Tebessa. Now majority of shares are with the state of Algeria which holds 51% shares, rest of the shares i.e. to 49% are with ArcelorMittal. The company aims to get funds from equity contributions from shareholders and banks.

A Comprehensive Agreement

The release from ArcelorMittal says that ArcelorMittal and Sider agreement includes a human resources development plan wherein intensive training will be provided to employees so that they are able to adapt to the new technologies planned. The company says that it is pleased to have reached this agreement with Sider, with whom it has always enjoyed a strong relationship.

Michel Wurth, member of ArcelorMittal Management Board Group opines that the agreement will enable ArcelorMittal Annaba and ArcelorMittal Tebessa to play a long term role in Algeria’s steel and mining industries. She adds that she is looking forward to implementing a plan that is in the interests of both the company and the country.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com