GM targets savings on steel contracts - paper

Newswire

FRANKFURT, Aug 29 (Reuters) - General Motors Corp expects the prices it will pay for steel when it negotiates new contracts to reflect declines this year on the spot steel market, a newspaper quoted its purchasing head as saying. Asked by the Automotive News industry paper whether he thought contract steel prices would fall in line with spot prices, Bo Andersson said: "Yes. Or I will see a very sharp increase on purchases from minimills." In the interview conducted last month and printed ...

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