Customers of AK Steel (NYSE: AKS ) should prepare to dig more deeply into their wallets. The company announced that it's raising prices on all of its carbon flat-rolled steel products. AK Steel has added a minimum of $50 per ton to the spot market base prices for these goods. The increases are effective immediately.
The company has been contending with weak pricing for some time. Its full-year 2012 and Q1 2013 losses were due largely to this factor.
Last month, AK Steel posted a Q1 loss of $9.9 million ($0.07 per share), which was narrower than Q1 2012's $11.8 million ($0.11). Net sales were down over that time span, however, dropping by 9.2%, to $1.37 billion.