How would ML discount this:
Monday February 26, 10:09 am Eastern Time
U.S. Steel raising prices, sees market bottoming out
PITTSBURGH, Feb 26 (Reuters) - USX-U.S. Steel (NYSE:X - news), the No. 1 U.S. steelmaker, said on Monday it will raise prices March 1 on most of its steel products by $30 to $40 a ton in anticipation of an economic recovery.
Pittsburgh-based U.S. Steel, which raised prices on Feb. 11 for its plate steel products by $10 to $15 a ton, said it would increase its prices for hot-rolled steel by $40 a ton effective March 1. The company also said it would increase prices for cold-rolled and coated steel by $30 a ton on March 1.
``We think the market has bottomed out and we're starting to see signs of a recovery and we think it's appropriate to now announce price increases,'' said Mike Dixon, spokesman, in a telephone interview with Reuters. ``We think this is somewhat of a turning point in an economic change and our industry was leading this softening of the economy by a long way.''
Dixon would not say how much U.S. Steel would increase its production, but said the company would watch the market closely and it hopes to get above the 75 percent capacity it was producing at in the fourth-quarter of 2000.
They're raising prices at 75% capacity. |
