Business

Lakshmi Mittal warns of steel price jump

11 April 2012

London steel kingpin Lakshmi Mittal today joined the row over the stranglehold Rio Tinto, BHP Billiton and Vale have on world iron ore supply, as he warned steel prices would leap 21% this year.

"The cost of producing steel will go up and will be passed on to customers," the Mittal Steel founder said.

The World Steel Association called for competition authorities to break up the oligopoly of iron ore suppliers who this week pushed through 90% price rises.

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