The world's largest steelmaker ArcelorMittal has announced that prices for its steel products will continue to remain strong and that price cuts in South Africa were due to specific currency developments and the local price factors.
In fourth quarter ArcelorMittal will generally maintain its Q3 price levels due to the raw materials and steel equipment cost increases. Currently the company is negotiating 2009 contracts with automotive, packaging and home appliance customers and is making good progress in agreeing substantial price increases.
In the case of seasonal market weakness, ArcelorMittal would adjust production volumes to maintain stable pricing.