Ohio-based AK Steel said Monday it will increase spot prices for its carbon steel products by $50 /nt ($55 /mt or $2.50 cwt.), effective immediately.
The flat rolled steelmaker said that the price increase is necessary due to increased demand for its carbon steel products and to recover rising steelmaking costs.
The $50 /nt spot price increase is in addition to AK's previously announced price hike for carbon steel of $70 /nt ($77 /mt or $3.50 cwt.), effective May 1, 2008. Another major US flat rolled mill, Nucor Corp., also announced a $70 /nt price hike for May shipments.