Honda CEO fears more price hikes for U.S.-made steel
May 30, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
Source: Reuters
TOKYO - Honda Motor Co’s chief executive said on Thursday the Japanese automaker had been asked to pay more by a U.S. steelmaker despite a contract agreed earlier this year, and added he feared other suppliers may follow suit.
Global steel prices have soared on tight demand, with brisk orders for construction machinery, ships and energy-related products in Russia, the Middle East and other emerging markets.
Honda sets product prices with U.S. steelmakers at the start of every year, but one undisclosed supplier recently imposed higher prices, Takeo Fukui said.
…almost all the steel used for North American production comes from non-Japanese makers such as United States Steel Corp., a spokesman said.
