The Carlstar Group announced a price increase of up to 18% on all steel and aluminum wheels and steel components effective April 9, 2018.
In addition to the escalating material costs from 2017, the Carlstar Group cited further increasing costs of domestic steel as a result of the Presidential Proclamation on adjusting imports of steel into the United States that was issued on March 8, 2018. The proclamation will impose a 25% tariff on steel articles and 10% on aluminum articles effective March 23, 2018.
“The significant volatility we experienced in the prices of steel and aluminum materials since January 2017 due to supply constraints is now being compounded by the recent announcements on steel tariffs,” said John Salvatore, CEO at The Carlstar Group. “This price increase is to recover from material increases we have experienced during these unprecedented market conditions.”
The company says it will continue to closely monitor the changing material dynamics and market conditions.