Hyundai Steel to hike iron prices

Print this page Posted on : 02-27-2008 by recycleinme.com

Hyundai Steel Co., South Korea's second-largest steelmaker, said it will raise prices of its mainstream iron bar products by 7 per cent later this week to recover rising raw material costs. The price will rise by 50,000 won ($52.8) per tonne to 731,000 won a tonne, starting from Feb. 28, Mr Chang Young Sik, a spokesman for the Incheon, South Korea-based company, said. Iron bar, used in construction, accounts for about 30 per cent of the company's sales.

Source : Business Line