clevelandcliffs inc chief executive lourenco goncalves said the company is taking the lead on steel price increases as the automotive industry reverses its yearslong supplychain and microchip problems the company on monday raised its minimum price for its hotrolled coldrolled and coated products for a fifth time since middecember to 1100 a ton the 47 increase outpaces us midwest domestic hotrolled coil steel index futures up 40 year to date to 1043 were not increasing pricing in line with the industry were increasing prices because clevelandcliffs feels like we can do it mr goncalves told dow jones newswires weve been more than anything leading this price movement the steelmaker which supplies seven million tons to car makers raised its minimums on expectations of higher sales volumes for the auto industry which in 2022 posted its worst year in more than a decade clevelandcliffs is the largest supplier of steel to the auto industry in north america and expects to have less product available to clients in other industries as car makers and sellers rebound mr goncalves said theyre ordering more steel thats also a fact we are producing more for them he said mr goncalves didnt confirm whether the company would raise prices again this year but said on a feb 14 earnings call with investors that it expects the fullyear selling price of carbon flatrolled steel sold directly to automakers to increase to 1415 a net ton in 2023 as it raised prices the steelmaker anticipated a significant decline in its expenses thanks to higher production volumes lower energy costs and normalized repair and maintenance levels clevelandcliffs expects its steelmaking costs to decline by about 2 billion in 2023 compared to 2022 including an 800 million yearoveryear reduction in maintenance and idle costs and a 400 million improvement related to higher production volumes after a couple years of not producing enough the parking lots of the dealers are still not full actually far from that mr goncalves said automotive is booming deliveries are increasing dramatically  its a trend were watching play by play