ArcelorMittal SAfrica cuts tinplate prices by 26-30 pct
JOHANNESBURG, Sept 28 |
JOHANNESBURG, Sept 28 (Reuters) - ArcelorMittal South Africa (ACLJ.J), a unit of the world's top steel maker, said on Monday it would cut prices for tinplate by between 26-30 percent from Sept. 30, owing to a stronger rand to the U.S. dollar.
"The adjustment is in line with an agreement with (ArcelorMittal South Africa's) key customers in the packaging industry to adjust prices half-way through the annual 2009/10 contract period," the unit said in a statement.
The contract period runs until the end of March next year.
"(The) reduction in prices reflects the strong performance of the rand over the past six months, whereas international tinplate prices have been largely steady," it said. (Reporting by Agnieszka Flak)
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