Quanex’s Macsteel unit to boost 08 contract pricing as costs soar

Dec 05, 2007 | 02:36 PM | Michael Cowden

Jackson-based special bar quality (SBQ) steel manufacturer Macsteel will seek to boost contract prices in calendar year 2008 in the wake of spiraling costs for raw materials and others goods.

The news came during Quanex Corp.'s fourth-quarter earnings conference call Wednesday. Macsteel is part of Quanex's vehicular products group, which is expected to be merged with Brazilian steelmaker Grupo Gerdau SA as part of a $1.67-billion deal.

Alloy costs hurt Macsteel in the third quarter and weren't recovered until the fourth quarter because Macsteel's surcharge, which covers two-thirds of alloy costs, resets only every 90 days, Raymond Jean, Quanex's chairman and chief executive officer, said.....

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