The current environment of record metal prices and ongoing volatility has led to an increase in the cost of financing Luvata’s business – especially in matters related to metal purchasing and its associated risk management. We have done all we can to minimize the effect of these trends but we now have to pass some of this increased cost on to our customers. This will be in the form of a 1% additional metal surcharge.
As always, Luvata’s intention is to maintain mutually profitable, long-term relationships with our customers and we will continue to find ways to improve the value that we add to their businesses.
We will be contacting customers individually and we thank them for their understanding in this matter.