DETROIT -- Ford Motor Co. on Wednesday said it is looking for ways to offset the impact of rising U.S. steel prices.
"We got a team of people looking at and trying to understand what we can do internally and with our suppliers to offset some of the impact," Tony Brown, Ford's vice president of global purchasing, told an automotive conference in Detroit.
U.S. steel prices have nearly doubled in some grades since the start of the year, buoyed by strong global demand, a weak dollar and the steep raw material surcharges used by many steelmakers to pass on rising costs to customers.
"It has a huge impact," Brown said. "It's not something we can ignore."
Automakers have largely escaped the full impact of the increasing prices through long-term contracts.