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FEUD ESCALATES OVER STEEL PRICE HIKES IN KOREA.
SEOUL, Feb 2 Asia Pulse - South Korea's construction companies and steelmakers are in conflict over the latter's steep price hikes for steel products.
Korean steelmakers have raised prices for key steel products by 30 per cent over the past year, citing a surge in international prices for raw steel materials.
But the nation's construction firms, squeezed by a slump in the apartment construction sector, are complaining that the soaring cost of steel is seriously cutting into their finances.
Against this backdrop, a group of about 100 procurement officers from domestic contractors are planning to stage a rally in front of the government complex in Gwacheon and steelmakers' headquarters in Seoul Friday to call for a reduction in steel prices.
The construction companies will also appeal to the commerce and construction ministries to help bring down steel costs, while seeking to devise a set of industrywide countermeasures.
"Unilateral price hikes by local steelmakers can hardly be accepted. Increased costs for steel bars and plates are dealing a fatal blow to contractors already hit by the protracted slump in housing construction," Choi Hyeon-seok, a construction ...
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