Nissan: Steel price increases could cause consolidation
By Dave Hannon -- Purchasing, 1/17/2007 2:34:00 PM
Nissan’s CEO Carlos Ghosn said steel price increases in 2007 will results in “a deterioration of the profitability of the industry as a whole.”
In a recent Bloomberg interview, Ghosn said steelmakers are looking for increases in 2007 after already cutting the profits and operating ratios of automakers in 2006. Nissan, for one, reported its first drop in operating profit in eight years in 2006.
“The automotive industry has lost all of its pricing power,” Ghosn said in the interview. “If this is going to continue, it's going to precipitate consolidation in the industry.”
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