October 08, 2008

Iron ore price negotiations – WISCO terms settlement as outrageous

Mr Deng Qilin general manager of Wuhan Iron & Steel while speaking at the sidelines of 2008 NPC & CPPCC said that "The benchmark ore price hike is crazy and outrageous. “

Mr Qilin warned that “The ore miners would pay the price for their irresponsible and short sighted act sooner or later.”

He said that "We would take up various measures to cut cost and recoup the higher iron ore price. Moreover, stepping up production of higher value added products is another option. He added that "Lifting up steel prices is not a permanent cure to escalating input costs. Wuhan Steel would step up efforts in three main sectors, such as enhancing the production of high end products, expanding output at captive ore mines and accelerating investment into foreign ore mines."

(Sourced from MySteel.net)