Salzgitter Rejects Iron Ore ‘Blind Date’ Pricing, FTD Reports

Salzgitter AG (SZG), Germany’s second- biggest steelmaker, opposes a new pricing model for iron ore implemented by Vale SA, Financial Times Deutschland reported, citing Chief Executive Officer Heinz Joerg Fuhrmann.

The model, based on setting the price for iron ore after delivery, “is like a blind date with the supplier,” as steel makers agree with their customers on prices beforehand, the newspaper cited Fuhrmann as saying.

Stefan Nicola in Berlin at +49-30-70010-6246 or snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.