Nucor Corp. applying raw material surcharge in 2004

Nucor Corp. applying raw material surcharge in 2004

One of the largest steelmaker in the world, Nucor Corp. of US announced that they are going to effect a raw material surcharge of 20$/ton on all steel products due to rapid raw material price increases seen ever. The surcharge will be valid for January 2004 shipments. The company stated that depending on changes in raw material costs, they will adjust the surcharge value in every month, to be effective for the shipments of the following month. As being uncomfortable to apply this raw material surcharge, Nucor aims to annul it as soon as possible. In the meantime, with this surcharge, the price increase of $20 per ton they announced on December 9, 2003 for long product shipments from January 15, 2004 onwards is now invalid.