ArcelorMittal South Africa (ArcelorMittal SA) has announded that it will increase the price of tin plate steel for food cans by 69 percent and for beverage cans by 79 percent, effective from April 1 for a period of one year, with the possibility of a review in October 2009.
Commenting on the price increases, ArcelorMittal SA spokesman Sven Lunsche said, "The adjustment is based on a long-standing formula that comprises a basket of prices from a number of international markets, including the US, Germany, France, Italy, the UK, South Korea, Taiwan and China, to which the ruling rand-dollar exchange rate is applied."