August 12, 2002
Bob Schjerven,Lennox International Inc.(LII, Dallas) chief executive officer, says he expects increased prices in LII products as a result of the tariff levied on steel as a result of the Section 201 investigation of steel imports. "Although the intent of the proclamation targeted imported steel, the market result was an increase in domestic steel product pricing as well," said Schjerven. "LII is making every effort to control internal costs in order to mitigate the price increase to our customers. However, because steel represents a significant amount of our purchased raw material, we expect it will be necessary to increase prices by the end of the current quarter."