Mittal Steel SA to hike prices in August

Mittal Steel South Africa Ltd announced plans to hike its prices for flat steel products by an average of 8 percent and 6 percent for long products as of August 1, 2006. Mittal Steel SA, which sells approximately 60 percent of its output in the South African market, took such a decision in an effort to offset rising raw material costs. Some of the company's customers have accused Mittal SA of excessive pricing of its domestic steel products, in a case in which the country's Competition Tribunal is yet to make a ruling. Mittal SA has reportedly denied the charges.