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AK Steel Shares Climb After Surcharge Announced

Stock quotes in this article: AKS , BHP , RIO  

PITTSBURGH (AP) — Shares of AK Steel Holding Corp. jumped Friday, a day after the steel maker announced a $70 per ton customer surcharge for electrical steel products shipped next month.

The West Chester, Ohio-based company said Thursday the July surcharges were based on reported prices for raw materials and energy used to make the steel, which is used in power transformers, lighting systems and electrical motors and generators. AK Steel used the May purchase cost to determine the surcharges.

The surcharges followed an announcement Monday that AK Steel will increase spot market prices for its carbon steel products by $20 per ton for new orders scheduled for delivery on and after July 1. ...

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