Rising raw material prices are likely to be passed on and will take another chunk out of consumers’ wallets, further heaping inflationary pressures on to the global economy, ArcelorMittal CFO Aditya Mittal told CNBC Wednesday.
“In 2008 we have seen significant raw material price increases, this is impacting not only the global steel industry, but will eventually impact the average consumer because we will see this higher cost increases in the cars we buy, in the appliances we buy and in the homes we build,” Mittal told “Worldwide Exchange.”
The soaring cost of iron ore, the main material in making steel, has been forcing metal makers such as ArcelorMittal to look at passing the higher input prices onto their customers.