Steel stocks have taken a beating since last making 52-week highs at the beginning of April. For example, the Market Vectors Steel ETF, SLX, is down 12% over this time (see chart below). However, the price increases continue to roll out from steel companies like AK Steel (AKS).
Yesterday, AKS announced two price hikes:
“…it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products by 6% to 9%, depending upon the grade and product form, effective with shipments on May 30, 2010.” (AK Steel Announces Stainless Steel Price Increase)
“…a $435 per ton surcharge will be added to invoices for electrical steel products shipped in June 2010.” (AK Steel Announces June 2010 Surcharges For Electrical And Stainless Steels)
Full disclosure: Author owns AKS