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ThyssenKrupp Calls For Action

ThyssenKrupp Calls For Action
Labor representatives from ThyssenKrupp AG, slammed speculation in raw materials and called for action against mining cartels.

ThyssenKrupp Works Council Calls For Action On Raw Material Prices

Labor representatives from ThyssenKrupp AG, Germany's largest steelmaker by output, Tuesday slammed speculation in raw materials and called for action against mining cartels, as iron ore and coking coal miners appear set to push through drastic price increases for these key ingredients in steel making.
In a written statement the works council of ThyssenKrupp Steel Europe AG--the company's European steel making unit--called for an end to raw material speculation as well as promoting fair competition and consistent action "against raw material cartels."

The workers council will hold a press conference at its head offices in Duisburg Thursday, where top labor representative Wilhelm Segerath will elaborate the position on the "pressing situation of raw material markets."

The comments come as the world's three dominating miners--Brazil's Vale SA and Anglo-Australian miners Rio Tinto PLC and BHP Billiton Ltd. --are negotiating iron ore and coking coal contracts with customers in Asia. The outcomes of these negotiations are considered benchmarks and usually are adopted by other steel makers across the world.

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