ERJ staff report (DS)
Kortrijk, Belgium -- Bekaert has decided to raise the price of steel cord products worldwide, for shipments as of April 1. The company did not say how much the increases would be. A spokesman said, "Price increases are mainly driven by wire rod price increases and these differ by region. All regions experience higher rod prices and therefore, steel cord prices will go up in all regions."
The company blamed the decision on the cost of raw materials, energy and transport which, it said, continue to climb and are expected to stay at elevated levels in the foreseeable future.
Bekaert says it is continuing its efforts to improve productivity and reduce costs. However the external cost increases are too significant to absorb. The company is therefore obliged to reflect the cost increases in its price.