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Corus Confirms Price Increase on Forging Steels
Feb. 25, 2010 Following Corus Long Products' price rise announcement in January, the company has confirmed a £60-per-tonne increase on the base price of forging steels on all products for delivery from April 5, 2010.
Corus notes that this new announcement is confirmation of, not in addition to, the increase announced in January.
"Last year was a challenging year for the manufacturing sector, with weak market conditions leading to high stocks and increasing manufacturing unit costs,” said Martin Maley, Commercial Director Long Products.
"This much-needed price increase across the supply chain takes into account the rising input costs and increasing international demand for forging steels,” Maley continued. “The increase recognizes the tenure of price agreements in this sector and, coupled with the application of variable raw material surcharges, will form the basis for annual price negotiations.”
Corus is Europe's second largest steel producer. With main steelmaking operations primarily in the U.K. and the Netherlands, the company supplies steel and related services to the construction, automotive, packaging, mechanical engineering, and other demanding markets worldwide. Corus is a subsidiary of Tata Steel, one of the world’s top ten steel producers. The combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.