ThyssenKrupp to hike flat steel prices
German steelmaker ThyssenKrupp Steel AG (TKS) announced plans to hike its prices for flat steel products effective as of January 1, 2005. TKS will increase prices of flat steel products by €20 per ton effective from January 1, 2006, due to the improved demand, sources report. Price hike will cover hot-rolled, cold-rolled and coated products and non-grain-oriented electrical steel sold under quarterly contracts. TKS indicated that the price rise will enable the company to pass rising raw material and energy costs onto its customers. Moreover, TKS is reportedly planning to increase its prices significantly for its longer term contracts with major customers effective as of January 1, 2006.