AK Steel became the second U.S. steel mill to announce a price increase on all flat rolled steel products effective immediately. Unlike NLMK USA price announcement of late last week, AK Steel has taken hot rolled and cold rolled up by $40 per ton ($2.00/cwt) and coated products (galvanized, aluminized) were increased by $50 per ton ($2.50/cwt).

AK Steel did not provide a reason for the increase. Below is a copy of the AK Steel press release announcing the price increase:

West Chester, OH, August 31, 2011—AK Steel (NYSE: AKS) said today that it will increase current spot market base prices for all carbon flat-rolled steel products effective immediately with new orders. Base prices will increase by $40 per ton for hot rolled and cold rolled carbon steel products, and by $50 per ton for coated carbon steel products.

Steel Market Update will have updated information in our next newsletter which will be published Thursday evening.