ArcelorMittal, the world’s largest steelmaker, and rival Cia. Siderurgica Nacional SA are seeking to boost prices for some steel products in Brazil by as much as 7.5 percent, a person with knowledge of the plan said.
ArcelorMittal and CSN, as the Sao Paulo-based steelmaker is known, informed clients that prices in Brazil will rise 3.5 percent to 7.5 percent next week, the person said, declining to be named as the companies haven’t made an announcement. The increase reflects higher iron-ore and coal costs and an attempt by the companies to boost profit margins, the person said.
An external media official working for ArcelorMittal in Belo Horizonte, Brazil, said the company doesn’t comment on its price policy. CSN also declined to comment.