DALLAS, TX — Lennox International Inc. (LII) chief executive officer, Bob Schjerven, stated that he expects increased prices for the company’s products as a result of the tariffs levied on steel this year.
“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.”