Tata Steel will raise transaction prices for structural sections in the UK by £95 per tonne effective on all deliveries from Sunday 6 March 2011.
Steel prices around the world are rising fast. Global steel demand has recovered from the lows caused by the financial crisis and world production reached a new record of 1.4bn tonnes in 2010. Raw materials markets have consequently tightened.
Mick Maloney, Tata Steel commercial manager for sections, said: “The recent extreme flooding in Queensland has led to spot prices in coal and other raw materials markets, which were already suffering from chronic structural supply side constraints, to rise beyond anticipated levels. The steel supply chain has no choice but to take robust action to recover these rapid increases in raw materials costs.”
Tata Steel has written to its sections customers to inform them of the March increase.
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About Tata Steel in Europe
The European operations of Tata Steel (formerly known as Corus) comprise Europe's second largest steel producer. With main steelmaking operations in the UK and the Netherlands, the company supplies steel and related services to the construction, automotive, packaging, material handling and other demanding markets worldwide.
Tata Steel is one of the world’s top ten steel producers. The combined group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.