AK Steel Ups Price for Carbon Steel Products by $40 a Ton

AK Steel Holding (NYSE:AKS) was up nearly 3% Friday on news that it will increase its current spot market base prices by $40 a ton for its carbon steel products as it seeks to respond to higher demand.

The maker of flat-rolled carbon, stainless and electrical steels for the automotive, appliance, construction and electrical power industries said the price hike is in response to improved demand for carbon steel products.

It is also needed to recover higher costs for steel-making inputs, the company said.

Shares of the West Chester, Ohio-based company were up about 2.8% to $13.75 at 3:10 PM EST.