Price increase on steel PAC-CLAD products
Petersen announces a forthcoming price increase on steel. The increase is a result of a combination of factors including overall strength in most of the steel end-use markets. The primary drivers behind the increase are as follows:
• Increased prices from our domestic mills due to trade regulation and uncertainty caused by the continuing section 232 investigation
• The recent addition of a zinc extra for both galvanized and galvalume substrates – zinc is at a ten-year high in pricing
• An increase in coating cost passed on by our paint supplier, Valspar (which is now owned by Sherwin-Williams)
• A recent positive ruling for domestic (U.S.) producers that Vietnamese corrosion-resistant steel utilizing Chinese substrate did violate U.S. circumvention rules
Accordingly, as a result of these combined increases in cost, we will be raising the price of all PAC-CLAD steel products 4% effective with orders placed on or after January 15, 2018.