UPDATE: ArcelorMittal S Africa Lowers Steel Prices
22 Giugno 2010 - 7:09PM
Dow Jones News
ArcelorMittal South Africa (ACL.JO) said Tuesday that it will
lower the prices of some of its steel products and reduce the
Sishen surcharge due to a fall in international iron ore
prices.
The price reduction will take effect for deliveries from July
1.
The South African unit of largest global steelmaker,
ArcelorMittal (MT), said it will decrease the price of flat steel
products by between 190 rand a metric and ZAR715/ton, depending on
the product. Its long steel products will fall by between
ZAR300/ton and ZAR715/ton.
The company also said it will reduce the Sishen surcharge,
applied following the dispute with Kumba Iron Ore (KIO.JO) over an
iron ore supply contract, will be cut by ZAR188/ton to
ZAR525/ton.
Kumba and ArcelorMittal are in the process of deciding an
interim iron ore pricing agreement while arbitration, forecast to
last up to 18 months, is taking place.
The dispute is over a contract where Kumba supplied a set amount
of iron ore to ArcelorMittal at a price of 3% above cost of
production. Following the loss of rights to part of the Sishen mine
Kumba said it wanted to break from the contract and sell at market
prices.
ArcelorMittal is disputing Kumba's right to break from the
contract.
-By Devon Maylie, Dow Jones Newswires; +27 11 7837 848;
devon.maylie@dowjones.com
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