Fiat sees 500 mln euro hit from higher steel costs

Newswire

ROME, Feb 28 (Reuters) - Fiat took a hit of about 500 million euros from higher steel and raw material costs last year, Chief Financial Officer Luigi Gubitosi said on Monday. In a conference call with analysts, Gubitosi said its core Fiat Auto car unit accounted for about 200 million euros of the hit, with a 150 million euro impact at tractor and construction equipment arm CNH Global . "We do expect to pass on much of the increases to customers as is the general trend in the industry," ...

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