Latrobe, Pennsylvania-based Latrobe Specialty Steel announced Thursday plans to increase prices by 3 to 10 percent on high speed and tool steel grades, air melt stainless steels, remelted alloys and nickel-based superalloys.
The price increase will be effective immediately on all new inquiries and with all new orders received beginning May 1, 2011. Raw material surcharges will remain in effect.
"This price increase will enable Latrobe Specialty Steel to recover the increasing operational costs that we are experiencing throughout our entire manufacturing process," said Mark T. Weberding, Vice President of Manufacturing Marketing & Sales. "Although Latrobe Specialty Steel has a surcharge mechanism to reflect our direct energy consumption, we continue to experience higher costs for operating supplies due to the impact of energy prices on our vendors' operations. In addition, this increase will allow us to accelerate several planned capital expenditures in order to expand capacity for many of our specialized products to significantly reduce lead-times to our customers."