Raw material prices little concern to Mittal

Raw material prices little concern to Mittal

The largest global steel maker, Mittal Steel Co., announced that the increases in iron ore and coal prices would not seriously affect the company because the steel maker has its own mines. Company officials said that Mittal's raw-material costs would not increase more than 10% because the company retains a strong position in coal and iron ore price negotiations. Mittal Steel supplies 60% or its iron ore and 70% of its coking coal from its own mines in South Africa, Kazakhstan, Algeria, Mexico, the US and Bosnia. Mittal's stock prices jumped 54% in 2004 to $4.7 billion, making it the most profitable steelmaker.