ArcelorMittal Plans to Raise European Steel Prices 5% as Costs Increase

ArcelorMittal, the world’s biggest steelmaker, will raise European steel prices 5 percent from October to pass on higher raw material costs.

The company will boost hot-rolled steel coil, a benchmark product used in cars and buildings, to 630 euros ($763) a metric ton from 600 euros, spokesman Arne Langner said in Luxembourg.

Steelmakers are raising prices as iron ore and coal costs jumped after mining companies abandoned a four-decade-old system that fixed supply contracts annually. Prices for iron ore, a key steelmaking ingredient, almost doubled in the April quarter, and gained more than 20 percent in the June-to-September period.

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net.

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