LONDON -(Dow Jones)- U.S.-based AK Steel Holding Corp. (AKS) late Tuesday said it had advised customers that it's rolling over a $165-a-short-ton surcharge on invoices for electrical stainless steel products delivered in March after having applied the same charge on products delivered in February.
AK Steel's March surcharges are based on reported prices for raw materials and energy used to manufacture stainless steel, with the January 2009 purchase cost used to determine the March 2009 surcharges, the company said.
AK Steel produces flat rolled carbon steel, stainless and electrical steels primarily for the automotive, appliance, construction and electricity generation and distribution markets.
AK Steel expects shipments in the first quarter of 2009 to drop to a range of 850,000 to 900,000 tons as a result of the economic downturn. However, the company expects shipments in the second quarter of 2009 to rise, and, coupled with lower raw material costs compared with the first quarter of 2009, the company expects to generate a modest operating profit for the second quarter of 2009.
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