The Carlstar Group will increase prices up to 18% on all steel and aluminum wheels and steel components effective April 9.
In addition to the escalating material costs from 2017, the Carlstar Group cited further increasing costs of domestic steel as a result of President Donald Trump increasing tariff rates to 25% on imports of steel into the U.S. and to 10% on aluminum imports. The tariffs went into effect last week.
“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 Carlstar Group will continue to closely monitor the changing material dynamics and market conditions, the group said in a press release.
