ArcelorMittal SA has announced that it will increase its European steel prices to cover higher energy costs.
It plans to increase its hot rolled coil prices to €850 per ton in November to offset the rising production costs caused by the ongoing energy crisis in Europe. Soaring electricity prices, some of the metal producers decided to stop production. The company stated that if the energy crisis continues and demand declines, the increase in steel prices will not be enough.
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