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[April 2008]
Minteq Increases Prices of Monolithic Refractory Products
Minteq International Inc (New York, USA), a wholly owned subsidiary of Minerals Technologies Inc, announced that beginning with shipments on or after 1 April 2008, or as permitted by current customer agreements, prices for its monolithic refractory products would increase 10% to 15% depending on the grade of the material. Minteq's monolithic refractory products are used primarily in the steel industry for the repair and maintenance of steelmaking furnaces.
Minteq said that the purchase prices for certain raw materials including magnesia, bauxite and brown fused alumina had increased to new highs since September 2007. These raw material cost increases are the result of changes in China's export policy, including elimination of tax rebates and subsidies, imposition of new or increased taxes on exports and limiting the number of export licences. The company said it continued to pursue cost reductions in its operations and alternative raw materials in order to offset the unfavourable impact caused by the increase cost of raw materials.
Minteq, a leading supplier of engineered refractory lining systems, manufactures monolithic refractories for the iron, steel, non-ferrous metals, minerals processing and glass markets and metallurgical wire for the steel market.
Minerals Technologies Inc is a global resource and technology based growth company that develops, produces and markets world-wide a broad range of specialty mineral, mineral based and synthetic mineral products and related systems and services. The company recorded sales of US$1.08 billion in 2007.
ENDS