WEST CHESTER, Ohio (AP) -- AK Steel Holding Corp. said Tuesday it will raise prices for stainless steel sheet, strip and continuous mill plate products, effective Sunday, by four to six percent.
The price hikes, which apply to various grades, will be accomplished through a reduction in the functional discount rate of two percentage points. That equates to an increase in base prices of about four to six percent, depending on the grade.
AK Steel said that the price increase reflects increased demand for stainless steel products, as well as the need to recover increased costs of steel production.
AK Steel's published stainless product surcharges remain in effect.
AK Steel shares rose 19 cents to $54.61 in morning trading.
