January 28, 2008 -- German steel and engineering group ThyssenKrupp AG plans to introduce higher prices for flat steel from the third quarter of fiscal 2007/08, the company said on January 28, 2008.

The fiscal year, ending September 30, 2008, has started well for the group's steel unit ThyssenKrupp Steel and Ulrich Koehler, the executive heading it, expects the deliveries volume to stand at a high level for the entire year. A revenue growth is to be boosted by a hike in prices and the positive market signals have already indicated that such an increase may be achieved as early as the next quarter, Koehler added.

The envisaged price increase will enable ThyssenKrupp to cushion the pressure from higher prices for raw materials and energy. Further burdens before the group are the start-up costs for the new plants in Brazil and the U.S. state of Alabama as well as the restructuring costs for the Metal Forming division, Koehler said.

Source: German News Digest