ThyssenKrupp expects prices to remain high

ThyssenKrupp expects prices to remain high

German steel producer ThyssenKrupp AG announced that it expects steel prices to remain high this year due to efforts of steel producers to offset rising raw material costs. ThyssenKrupp officials stated that prices of steelmaking raw materials, such as coking coal and iron ore have increased significantly, forcing steel producers to hike their prices in order to offset manufacturing costs. Regarding the prices, Chief Executive Ekkehard Schulz commented that there is no reason that could make them expect a decline in the prices in the short term. Moreover, Mr. Schulz stated that the company would decide third quarter in line with the changes in raw material costs in the next several weeks.