23 May 2008
ERJ staff report (RD)
Kortrijk, Belgium - Bekaert has announced a rise in the prices of steel cord effective 1 July 2008. The amount of the increase will depend on the specific region and product, the company said in its statement.
Bekaert said the price increases were due to rapidly escalating raw materials costs pushing up steel cord prices globally as well as acute shortages of certain raw materials. The company added that strong demand for steel cord coupled with reduced supply has worsened the situation. Bekaert expects prices to remain high in the foreseeable future.
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