AK Steel Raises Prices Again

Stainless steel prices going up 6%, coming on heels of 6% increase in May.

MIDDLETOWN, Ohio (AP) - AK Steel Holding Corp. said Monday it will increase stainless steel prices by 6 percent, effective with July 2 shipments.

The company said hot-rolled and cold-rolled stainless steel sheet and strip products, tubular-quality products and continuous mill plate products will be affected by the increase. The price hikes will be accomplished by a 2 percent reduction in the functional discount rate.

Stainless product surcharges announced in May remain in effect.

AK, which sells steel products to automotive manufacturers and appliance and construction companies, also raised stainless prices by 6 percent in early May. Rising zinc prices prompted the company to boost zinc coatings prices 15 percent earlier this month.