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.
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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.