AK Steel higher after raising steel product prices
AK Steel rises after company boosts carbon flat-rolled steel spot prices by at least $40/ton
NEW YORK (AP) -- Shares of AK Steel Holding Corp. rose Thursday after the company raised prices for carbon flat-rolled steel products.
THE SPARK: The West Chester, Ohio, company raised spot market base prices for carbon flat-rolled steel products by at least $40 per ton effective immediately. The increase applies to new orders.
THE BIG PICTURE: AK Steel makes flat-rolled carbon, stainless and electrical steel products for the automotive, construction and infrastructure, manufacturing and electricity industries among others.
In April the company said shipments fell 3 percent in the first quarter, and selling prices fell 7 percent to $1,062 per ton, hurt by lower spot market prices for carbon and electrical steel products and lower surcharges on raw materials. While prices were down from the first quarter of last year, they were stronger compared to the fourth quarter of 2012.
SHARE ACTION: AK Steel shares rose 21 cents, or 6.2 percent, to close at $3.62. The stock has lost 21 percent of its value this year.
