AK Steel Announces Stainless Steel Price Increase; Will Boost by $0.02 per Pound
AK Steel (NYSE: AKS) said today that the company will increase prices for all of its stainless steel products, effective with shipments on April 1, 2014.
AK Steel said the increase will be achieved through a discount reduction of two percentage points. For all products priced using net prices, including automotive exhaust products, the increase will be achieved by adding $.02 per pound to the existing prices.
Surcharges for the broad range of stainless steel products that AK Steel produces will remain in effect, and can be found under the Markets and Products section of the company's web site at www.aksteel.com.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company employs about 6,100 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. Additional information about AK Steel is available on the company's web site at www.aksteel.com.
AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. Additional information about AK Tube LLC is available on its web site at www.aktube.com.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, produces metallurgical coal from reserves in Somerset County, Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves.
SOURCE AK Steel
Website: http://www.aksteel.com Contact: Media, Michael P. Wallner, General Manager, Communications and PR (513) 425-2688; Investors, Roger K. Newport, Vice President, Finance and Chief Financial Officer (513) 425-5270
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