Carlstar Group will raise prices up to 18% on all steel and aluminum wheels and steel components. The increase is effective April 9, 2018.
In addition to escalating material costs from 2017, the Carlstar Group cites further increasing costs of domestic steel as a result of a 25% tariff on steel imports into the U.S. for the price hike.
President Donald Trump signed a tariff proclamation on steel and aluminum imports into the U.S. on March 8, 2018.
The proclamation imposes a 25% tariff on steel articles and 10% on aluminum articles, effective March 23, 2018.
“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,” says 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 company says it will continue to closely monitor the changing material dynamics and market conditions.
The Carlstar Group is headquartered in Franklin, Tenn., and is a global manufacturer of original equipment and aftermarket specialty tires and wheels for the agriculture, construction, outdoor power equipment, powersports, high speed trailer and flat free/manual markets. The company markets its products under several brands: Carlisle tires and wheels, ITP tires and wheels, as well as Cragar, Black Rock and Unique wheels and Marastar flat free and manual tires.
For more information, visit www.carlstargroup.com.