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AK Steels Announces Plans to Raise Steel Prices From May, Shares Fall 3%
By: MT Newswires
AK Steel ( AKS ) said it will raise prices for all 200, 300 and 400 series flat-rolled stainless steel products from May 6, while base prices for automotive exhaust grades will increase by $0.03 per pound, effective with shipments on June 3, 2013.
The company said the increase will be achieved through a reduction in the functional discount of two percentage points for cold rolled and hot rolled non-automotive exhaust products.
AK Steel shares are down 3% to $3.04, within a 52-week range of $2.88 - $7.74.