September 08, 2008

Nissan CEO sees steel prices hurting automakers

Mr Carlos Ghosn CEO of Nissan Motors recently said that rising steel prices will be a drag on the auto industry's overall profitability.

Mr Ghosn during Tokyo Motor Show told reporter that "Steel prices are going up you just have to realize that. We have to absorb this. We can not just pass on the higher prices to the customer like other industries do.”