advertisement Ford seeking ways to offset higher steel costs Wed Sep 1, 2004 11:50 AM ET DETROIT, Sept 1 (Reuters) - Ford Motor Co. F.N on Wednesday said it is looking for ways to offset the impact of rising U.S. steel prices.
"We got a team of people looking at and trying to understand what we can do internally and with our suppliers to offset some of the impact," Tony Brown, Ford's vice president of global purchasing, told an automotive conference in Detroit.
U.S. steel prices have nearly doubled in some grades since the start of the year, buoyed by strong global demand, a weak dollar and the steep raw material surcharges used by many steelmakers to pass on rising costs to customers.
"It has a huge impact," Brown said. "It's not something we can ignore."
Automakers have largely escaped the full impact of the increasing prices through long-term contracts.
Iran Said Nearing Enrichment of Uranium (AP) - Iran has announced plans to turn tons of uranium into a substance that can be used to make nuclear weapons, the U.N. atomic watchdog agency said Wednesday in a report stoking concern about Tehran's nuclear agenda. The confidential report of the International Atomic Energy Agency said the agency had been informed that the Islamic Republic planned to process more than 40 tons of raw uranium into uranium hexafluoride.