 The firm is in the middle of a major UK restructuring programme |
Anglo-Dutch steelmaker Corus has said it will raise its prices by 16% in the UK - a much higher than expected increase. The hike is due to rising demand in China which is threatening to create shortages in certain metals.
Corus director Scott MacDonald said prices could rise by "up to 20% in the rest of the EU".
The company which has recently seen a narrowing of its losses had previously indicated it would raise prices by 10%.
Falling stocks
But China's rampant economic growth is putting huge pressure on the price of raw materials.
Copper stocks are 25% lower than two years ago, while platinum has doubled in price in the same timeframe.
"There are stocks... but these are falling fast," Tony Warwick-Ching, a copper consultant at the Commodities Research Unit told the BBC.
"The question now is are they going to run out... China is not particularly rich in natural resources so it is sucking in raw materials from the rest of the world."
Meanwhile, Corus is reported to be seeking a joint venture for its aluminium business.
One-Minute World News 
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