Three weeks after warning investors that it expects to book a net loss in Q1, Ohio steelmaker AK Steel (AKS) announced a move that might help it to eke a bit more profit out of its business: It's raising prices on stainless steel.
On Friday, AK confirmed that, beginning May 6, it will be charging higher "base" prices for all 200, 300, and 400 series flat-rolled stainless steel products that it ships. Functionally, this will be accomplished by reducing the discount it offers customers on "cold rolled and hot rolled non-automotive exhaust products" by two percentage points -- thereby raising the final price of the product.
AK expects to impose a $0.03-per-pound price hike on automotive exhaust products effective June 3.
Regardless, AK shares were down 2.6% in Friday trading, closing at $3.06.