An established technique to face a multiclass categorization problem is to reduce it into a set of two-class problems. To this aim, the main decomposition schemes employed are one vs. one, one vs. all and Error Correcting Output Coding. A point not yet considered in the research is how to apply these methods to a cost-sensitive classification that represents a significant aspect in many real problems. In this paper we propose a novel method which, starting from the cost matrix for the multi-class problem and from the code matrix employed, extracts a cost matrix for each of the binary subproblems induced by the coding matrix. In this way, it is possible to tune the single two-class classifier according to the cost matrix obtained and achieve an output from all the dichotomizers which takes into account the requirements of the original multi-class cost matrix. To evaluate the effectiveness of the method, a large number of tests has been performed on real data sets. The experiments results have shown a significant improvement in terms of classification cost, specially when using the ECOC scheme.