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(AMM) US steel supplier to Honda raises prices: chief exec
June 02, 2008 - 21:33 GMT
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Japan's Honda Motor Co. Ltd. has been asked to pay more for steel by at least one of its U.S. suppliers, and the automaker's chief executive expects more such requests of his company-and his competitors-in the near future.
Takeo Fukui, Honda's president and chief executive officer, told a press conference that one steel supplier, which he would not identify, had asked for a higher price than what is set in its supply contract, according to published reports out of Tokyo. "It came all of a sudden, ignoring the contract," Reuters quoted Fukui as saying.
It was not the first time such a request had been made, but this time the implications may be more significant. When U.S. steelmakers that supply steel to auto transplant operations in the United States asked for higher steel prices several years ago, the automakers chose not to pay but instead to ship steel from Japanese suppliers. Today, such an approach...
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