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Siemens expects higher raw materials prices in second half of 2021

ZURICH, May 7 (Reuters) - Siemens expects the prices of the raw materials it uses to rise during the second half of its 2021 fiscal year without significantly affecting the company’s profit, Chief Financial Officer Ralf Thomas said on Friday.

Higher prices for steel, copper and aluminium was in the low double digit millions of euros range during the six months to the end of March, Thomas said.

“We expect that to increase, but not materially for the company’s grand total P&L,” Thomas said. Siemens would be able to offset some of the rises by being able to increase prices for its own products in the longer term, he added. (Reporting by John Revill Editing by Riham Alkousaa)

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