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Thursday, December 5, 2013

Brazil steelmakers propose 7-10 percent price rise for carmakers -source, (NYSE: F)

Brazilian steelmakers are proposing a price increase between 7 percent and 10 percent for local automakers, a source familiar with negotiations told Reuters on Thursday, making up for more than two years without price increases for the sector. The talks have been "very difficult" as automakers eyeing weaker domestic sales are reluctant to give up profitability at local plants, said the source on condition of anonymity, adding that talks are likely to continue into 2014.Brazil's Usinas Siderugicas de Minas Gerais SA and Companhia Sider�rgica Nacional SA make flat steel for the auto industry.Brazil is the world's fourth-biggest auto market, with Italy's Fiat SpA, Germany's Volkswagen AG and U.S.-based General Motors Co and Ford Motor Co selling more than 70 percent of new cars in the market.

Ford Motor Company (Ford) is a producer of automobiles. Shares of F traded higher by 0.84% or $0.14/share to $16.76. In the past year, the shares have traded as low as $11.03 and as high as $18.02. On average, 36626100 shares of F exchange hands on a given day and today's volume is recorded at 27305288.