Corus announces 10 percent increase for long products

Anglo-Dutch steelmaker Corus Group Plc announced that it will increase prices of long products by up to 10 percent effective as of October 1, 2006, due to strong demand. “Demand across our main markets such as construction, commercial vehicles and shipbuilding continues to be strong and ... we are increasing our prices,” said Derek Randall, commercial director for Corus's Long Products division. With this price increase, Corus joined its rivals that recently hiked their prices. German steelmaker ThyssenKrupp last week announced plans to hike prices for hot- and cold-rolled strip and surface-treated sheet steel by Euro 30/mt effective as of October 1, 2006, due to rising raw material costs. Likewise, another German steelmaker Salzgitter announced its intention to raise average prices for flat steel products by up to Euro 40/mt in the fourth quarter due to raw material costs.