TORONTO Gerdau Long Steel North America plans to reduce prices on wire rod products by $30 per ton ($1.50 per hundredweight).
The move applies to material from Gerdau Long Steel North Americas Beaumont, Texas, and Jacksonville, Fla., steel mills, with the timing of the decrease dependent on production cycles, the company said in a letter to customers dated Monday.
The Tampa, Fla.-based steelmaker, a unit of Brazils Gerdau SA, did not provide a reason for the decrease, although it comes in the wake of recent declines in ferrous scrap prices.
The announcement follows a similar move announced last week by Charlotte, N.C.-based Nucor Corp. (AMM, June 12). Keystone Steel & Wire Co., Peoria, Ill., has also announced plans to reduce wire rod prices by $30 per ton effective July 1 (AMM, June 14).