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.