The world's largest steelmaker ArcelorMittal is in talks with its customers to conclude quarterly steel sale contracts in line with the change from yearly to quarterly pricing in iron ore and coking coal contracts, the company's chief executive officer Lakshmi Mittal has revealed, according to reports.
"Our business model will have to change," Mittal was quoted as saying by press sources at the company's annual general meeting in Luxembourg, adding that the reason for the proposed change is the increase in raw material prices due to the new pricing system.