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Company News, 2004-07-01, 02:00 AM

ThyssenKrupp Electrical Steel raises prices for grain-oriented electrical steel

ThyssenKrupp Electrical Steel is raising the prices of its PowerCore grain-oriented electrical steel strip products by at least 150 euros/t. "So far in 2004 we have not made any changes to our existing agreements, although steel prices and thus the cost of our starting materials have gone through the roof since January 2004," said sales director Clemens Iller. The combination of higher costs and low revenues had significantly impacted earnings in recent months, he continued. It was no longer acceptable that a high value added material like electrical steel should be ranked so low among steel products.

"A significant price rise is unavoidable if we are to maintain a satisfactory supply to our global customers. We are deliberately informing our customers at this early stage to enable the transformer industry to factor the forthcoming essential price increase into their quotation costing," said Iller.

Contact:

ThyssenKrupp Steel
Erwin Schneider
Tel.: +49 203 52 - 2 56 90
Fax: +49 203 52 - 2 57 07
e-mail: erwin.schneider@tks.thyssenkrupp.com

Dietmar Stamm
Tel.: +49 203 52 - 2 62 67
Fax: +49 203 52 - 2 57 07
e-mail: dietmar.stamm@tks.thyssenkrupp.com

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