Maverick Tube Corp. might increase prices

Maverick Tube Corp. might increase prices

Maverick Tube Corporation, one of the major producers in North America of oil country tubular goods (OCTG), line pipe products, hollow sections, standard pipes and electrical steel released its comments yesterday on the unprecedented rise of raw material costs and its impacts on the company's costs and selling prices. In the announcement, it was explained that the rising pressures on scrap and other metallic costs force the company to increase selling price of steel. These increases, generally in the form of surcharges on the established based prices are expected to impact the company's steel costs in the coming quarters. In an effort to cope with such cost increases, the company indicated that it will have to pass same onto selling prices of all its products. The price increases, degree and timing of which are currently uncertain, might prove temporary if current surcharges abate later.