Tuesday, March 25, 2008

Steel Shares Rise

NEW YORK — Shares of steel companies climbed Monday, amid announced and predicted price hikes that reflect both tightening supply and increasing demand for the commodity.

AK Steel Holding Corp. said it will increase spot market prices for its carbon steel products by $50 per ton for all new orders, effective immediately.

The company said that the price increase is in response to higher demand for carbon steel products, as well as the need to recover higher costs for materials used to make carbon steel.

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