Siemens Gamesa trying to pass on steel costs to turbine customers: CEO Andreas Nauen

Wind turbine maker Siemens Gamesa changed its approach to contracts earlier this year to try to pass on the rising costs of materials like steel to its customers, Chief Executive Andreas Nauen said on Thursday.

Parent Siemens Energy scrapped its margin target on Wednesday after the turbine unit issued its second profit warning in less than three months, blaming higher-than-expected raw material and product ramp-up costs.