Steel Makers Raising Prices

By Kim Tae-gyu

Staff Reporter

POSCO, the country's foremost steelmaker, announced Friday that it will jack up the prices of its steel products by as much as 25 percent next month because of the rising costs of raw materials.

The price of hot-rolled coils will go up by 170,000 won, or 25 percent, to 850,000 won per ton beginning May 3 while that of cold-rolled coils will be raised by 180,000 won (23 percent), to 965,000 won a ton. The price tag of steel plates will also be raised by 80,000 won (9.8 percent), to 900,000 won a ton.

POSCO officials said that the Pohang, North Gyeongsang Province-based firm made efforts not to raise the prices but had no choice due to the ever-rising values of raw materials.

The runner-up player Hyundai Steel also plans to raise their steel prices by as much as 23 percent next month for the same reasons.