ArcelorMittal SA to cut prices by 7-13% for May

ArcelorMittal SA has announced hat the company is going to reduce its price by 7 to 13 percent for May because of the raising Rand exchange rate.

Lunsche, ArcelorMittal''s SA Ltd spokesman, said the global steel price is only the second factor for the company to make the decision in reducing their price this time; the major factor is the raising exchange rate.

In the past six weeks, the exchange rate between South Africa Rand and US dollar has risen more than 10 percent.
May 5, 2009 11:14
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