What?
ArcelorMittal (NYSE:MT) is implementing a Euro 50 (about $58) per ton surcharge on its long products in Europe to help pass on rising energy costs, per a report from Argus Media.
Why?
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ArcelorMittal says that electricity and natural gas cost increases have added Euro 120 (about $139) per ton to the cost of steel production, with suppliers for other raw materials including limestone asking for surcharges.
So What?
MT stock rose by about 1.5% in Thursday’s trading the NYSE, likely driven by this news.
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