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.
Fool contributor Eric Volkman has no position in AK Steel. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.