Japan Steelmaker Pass Price Hikes

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Author: 123jump.com Staff
123jump.com
Last Update: 3:16 PM EDT May 19 2008

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Japanese steelmakers joined the world steel makers in passing higher coal and iron ore prices from Australia and Brazil to automakers in Japan. The sharp revision in steel prices is expected to be effective in the latest negotiations between Nippon Steel and Toyota and Mitsubishi Heavy. Australian iron ore miners have lifted prices of ore by more than 250% in the last five years and now coal prices have jumped 150% in the last two years. Weak U.S. dollar has also contributed to the price hike.

Bridgestone and Toyo Tire announced in a statement on May 16 that the Toyo has agreed to sell 8.7% stake to Bridgestone. Toyo will also buy 0.5% stake in Bridgestone.

The deal is meant to cut costs through cooperating in buying rubber and petroleum-based synthetic materials.

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