AK Steel ups prices on carbon, stainless products
Thu Jun 18, 2009 6:17pm EDT
* Price increases follow signs of better orders for Nucor
* AK shares rise slightly
SAN FRANCISCO, June 18 (Reuters) - AK Steel Holding Corp (AKS.N: Quote, Profile, Research, Stock Buzz) said on Thursday it had increased spot market prices on some of its products, in another sign of improving demand for an industry hobbled by the economic slowdown.
AK said its per-ton base prices would rise by $60 for hot rolled products, $70 for cold rolled products, and $80 for all galvanized, galvannealed and aluminized coated products. It also announced some other increases through reduced discounts.
The price rises follow rival Nucor Corp's (NUE.N: Quote, Profile, Research, Stock Buzz) posting of a narrower quarterly loss on Tuesday as orders appeared to be picking up. [ID:nN16272779]
West Chester, Ohio-based AK Steel had said in May it expected a greater second-quarter loss as automakers General Motors and Chrysler idled production. [ID:nN05461500]
Shares of AK Steel rose 11 cents in extended trade after climbing 3.6 percent to $18.84 in the regular session. In a decline mirrored by the industry, AK's stock has tumbled from a high of $71.75 almost exactly a year ago. (Reporting by Braden Reddall; Editing by Phil Berlowitz)
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