Corus hikes structural steel prices

Corus hikes structural steel prices

Anglo-Dutch steelmaker Corus Group Plc announced that it plans to hike steel prices in October in an effort to reflect rising raw material costs to its customers. Corus will increase the price of structural sections, used in construction, by £20 ($36.9) per metric ton, effective as of October 2, 2005, according to a company statement. Corus officials stated that rising manufacturing costs, especially the prices of raw materials, prompted the company to hike its prices for their UK structural sections. Corus is the first of the biggest European steelmakers to announce a price hike for the fourth quarter.