STUTTGART -- Robert Bosch GmbH says it will charge automotive customers more for parts to offset soaring steel prices.
The world's second-largest auto supplier says the cost of steel will significantly raise its internal costs next year to as much as $100 million.
"We expect a share of this cost to be absorbed by the OEMs," said Bernd Bohr, Bosch's automotive chief.
How will Bosch get what it wants?
"I wouldn't like to go into detail," Bohr said. "It will be part of the negotiations." As steel makers pass along higher costs of raw materials, suppliers buying steel say they can't absorb the costs alone.
French supplier Valeo SA is doing a "little of everything" to compensate, said spokeswoman Kate Philipps.