Reuter reported that ThyssenKrupp expects a second price increase in July 2010 in the cost of iron ore it buys from Brazil's Vale.
A ThyssenKrupp spokesman said that the expected agreement with Vale would be effective for the third quarter starting on July 1st 2010. He added that ThyssenKrupp was paying USD 160 per tonne for iron ore in the quarter to the end of June 2010.

Mr Edwin Eichler head of steel division at ThyssenKrupp said that small and mid sized processing companies will have difficulties obtaining credit to cover higher working capital.

He added that "For us, iron has risen since April from USD 66 per tonne to USD 160. That means EUR 2 billion of additional cost for ThyssenKrupp."

ThyssenKrupp announced in April 2010 that it had agreed on an iron ore supply deal on a quarterly basis, and that a deal struck around mid April with Vale was valid for the quarter starting on April 1st 2010.

(Sourced from www.reuters.com)