Wednesday, April 09, 2008

AK boosts price of steel in U.S. to record high

The price of steel in North America has hit $1,000 (U.S.) a ton for the first time despite the sharpest economic downturn in more than a decade.

AK Steel Holding Corp. has raised prices for hot rolled steel - generally seen as a benchmark for steel prices - by $150 a ton immediately, its second price increase in two weeks. Larger steel makers are likely to follow because the global industry consolidation has created giants with the heft to pass on massive price increases.

The AK announcement was made on the same day that South Korean steel producer Posco agreed to a 200-per-cent surge in the price it will pay for metallurgical coal for use in its blast furnaces.

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