Due to a new pricing scheme for iron ore, the steel industry may be facing higher costs and will lose competitiveness in the market as compared with other materials according to the head of the World Steel Organisation said on Monday.

Paolo Rocca, chairman of the steel body, “We will have no alternative but to try and transfer some of the increase in costs to customers.  It would be very negative to allow further concentration in the iron ore sector, either in terms of merging their operations or getting control over future reserves."

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