Arcelor Packaging to hike prices by 10% in 2006

Arcelor Packaging to hike prices by 10% in 2006

Arcelor Packaging International (API) announced that it would increase the prices of its products by 10 percent in 2006 due to the general demand for packaging steels. The company said that a price hike is needed since the price hikes in 2005 were not sufficient to cover the huge increases in raw material prices and transport costs in 2004 and 2005. “It is essential that API is able to pursue its policy of renewing its product range by virtue of this price increase and an ambitious cost cutting program,” the company said in a statement. The price increase will be effective as of January 1, 2006.