Ending steel discounts challenging: Ferriola

Oct 17, 2013 | 06:23 PM | Catherine Ngai

Tags  Nucor, steel discounts, John Ferriola, Evraz, hot-rolled, plate, catherine ngai

NEW YORK — Negotiations over 2014 steel contracts have remained "challenging," particularly as a move away from index-based discounting has made progress slower than normal, Nucor Corp. president and chief executive officer John Ferriola said Oct. 17.

"I won’t speak for the rest of the industry, but as we talk about CRU and CRU minus, we at Nucor recognized that the pricing mechanism was not compensating us for the quality, service and on-time deliveries that we provided to our customers every day," Ferriola said during an earnings conference call. "We thought it was necessary to change that. As far as how it’s being received, it’s certainly been a little challenging."....

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