AK Steel Announces Stainless Steel Price Increase
WEST CHESTER, Ohio, Aug. 31, 2012 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that it will increase transaction prices for all Type 201, 301, 430, 430 ULTRA FORM®, 409, and 409 ULTRA FORM® flat rolled stainless steel products, effective with shipments on September 4, 2012.
AK Steel said that the increases on Types 201, 301, 430, and 430 ULTRA FORM® stainless steels will be achieved through a two point reduction in the functional discount. Transaction prices for Types 409 and 409 ULTRA FORM® stainless steels will be increased by two cents per pound.
All raw material surcharges for stainless steel products, including those for materials under .015 inch thickness, will remain in effect. Surcharges for the broad range of stainless steel products that AK Steel produces can be found under the Products and Markets section of the company's website at www.aksteel.com.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company employs about 6,200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. Additional information about AK Steel is available on the company's web site at www.aksteel.com.
AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. Additional information about AK Tube LLC is available on its web site at www.aktube.com.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, owns or leases metallurgical coal reserves in Somerset County, Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves.
SOURCE AK Steel