Posted on 17/05/08
ThyssenKrupp hopes clients bend on contracts
ThyssenKrupp AG rose to a six-month high in Frankfurt trading after saying it will seek to renegotiate steel contracts because raw material costs jumped. The steel maker is trying to "open" annual and half-year contracts during the remainder of its financial year, which ends Sept. 30, chief financial officer Ulrich Middelmann said yesterday in London. "The full-year contracts are legally binding, but you can apply a certain pressure on the clients," he said. Benchmark coking coal contract prices tripled this year on booming demand and supply disruptions. Iron ore contract prices have increased for a sixth successive year. TKA (Frankfurt) rose €1.01 to €45.86 ($71.45).
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