ArcelorMittal Temirtau, Kazakhstan-based subsidiary of the world's largest steel producer ArcelorMittal, has announced the possibility of a price increase for its products in 2008, due to the expected increase in the primary costs of production thanks to the rising costs of raw material and energy resources.
In the current year, the mill's spending on raw material and energy has increased considerably, with the mill registering a cost increase of 25-40 percent for some components in steel production, ArcelorMittal Temirtau head Satish Taparia clarified. As a result, the mill has no choice but to increase the prices for its finished products in 2008, he added.