Dow Jones reported that ArcelorMittal intends to raise its prices for hot rolled steel 5% to around EUR 620 a tonne in October 2010 due to the recent sharp rise in raw material costs.
Earlier, the German business daily Handelsblatt reported the intended price rise, and quoted an ArcelorMittal manager as saying its competitors ThyssenKrupp AG and Salzgitter AG are expected to follow suit.
ThyssenKrupp AG later told Dow Jones Newswires that it also plans to raise prices for flat rolled steel products, by EUR 30 per tonne on average from October 2010.
The company's mega INR 100,000 crore steel project in Orissa and Jharkhand is stuck in delays and controversies over land acquisition and it has been scouting for investment in other destinations.
