ArcelorMittal Follows Nucor Lead on Flat Rolled Price Increases

• Hot Rolled$20/ton
• Cold Rolled$30/ton
• Coated$30/ton

These increases are necessary in order to restore some level of profitability to our business. We have experienced an increase in order entry of products due to a reduction in inventories and the continued strength of the consumer driven industries, automotive and appliances. If you have any questions, please do not hesitate to contact me. Thank you for your support.”

The ArcelorMittal increase mirrors that of Nucor announced earlier this week. Since early December ArcelorMittal has (on paper) taken sheet prices up a total of $60 per ton on hot rolled and $70 per ton on cold rolled and coated steels.

Prior to the most recent mill announcements, the domestic mills have been able to collect $20-$40 per ton of the previously announced increase. With this announcement the expectation is for the remainder of the first announcement will be collected over the short term. It remains to be seen if the mills will be able to collect part, or all, of this week’s announced increases. Steel Market Update will be watching developments very closely in the days and weeks ahead.