AK Steel Holding To Increase Base Steel Prices Effective March 1
17 February 2016
AK Steel Holding (NYSE:AKS), a producer of carbon, stainless and electrical steel products, said it will increase base prices for all stainless steel products effective March 1. For commodity sheet and strip, specialty sheet and strip, and pipe and tube sheet and strip products, the increase will be achieved through a reduction in the functional discount of two percentage points. For all remaining stainless steel products, including automotive sheet and strip, base prices will be increased by $40 per ton. Shares of AKS are at $2.30 within a 52-week range of $1.64 – $5.93.
The stock increased 6.48% or $0.14 on February 12, hitting $2.3. AK Steel Holding Corporation (NYSE:AKS) has declined 23.84% since July 10, 2015 and is downtrending. It has underperformed by 13.64% the S&P500.
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, including coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms. The company also produces carbon and stainless steel that is finished into welded steel tubing, which is used in the automotive, large truck, industrial, and construction markets; buys and sells steel and steel products, and other materials; and produces metallurgical coal from reserves in Pennsylvania.
It sells its flat-rolled carbon steel products primarily to automotive manufacturers and to customers in the infrastructure and manufacturing markets, including electrical transmission, heating, ventilation and air conditioning equipment, and appliances; and coated, cold-rolled, and hot-rolled carbon steel products to distributors, service centers, and converters. The company sells its stainless steel products to manufacturers and their suppliers in the automotive industry; manufacturers of food handling, chemical processing, pollution control, and medical and health equipment; and distributors and service centers. It also sells electrical steel products to manufacturers of power transmission and distribution transformers, as well as for use in the manufacture of electrical motors and generators. AK Steel Holding Corporation was founded in 1993 and is headquartered in West Chester, Ohio.
Source : wallstreet.org