AK Steel Announces Stainless Steel Price Increase
WEST CHESTER, Ohio., July 30, 2013 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that it will increase base prices for 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on August 1, 2013. AK Steel said this 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
Further, effective with shipments on October 1, 2013, AK Steel will increase prices on all stainless products. This increase will be achieved through a reduction in the functional discount of an additional two percentage points for cold rolled and hot rolled non-automotive exhaust products. Also, base prices for automotive exhaust grades will be increased by $0.02 per pound to $0.04 per pound, depending on the grade, effective on October 1, 2013.
Surcharges for the broad range of stainless steel products that AK Steel produces will remain in effect, and can be found under the Markets and Products section of the company's web site 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 6,100 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, controls and is developing 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