AK Steel Holding Corporation (NYSE:AKS) reported a price increase for the fourth time in a year. This is even after claiming unfair trading has affected the business.
Increased market prices
The company experienced an increase in the spot market base prices in all carbon flat rolled steel products of about $30 per ton. This is the third price hike of the same kind in this year. It came after a $30 increase in February which in return followed a $40 increase in January. The company also announced a $40 hike in almost all stainless steel products. It also reduced the discount offers starting this month.
Unfair trading in the market
For several years the company has referenced “unfair trade” in stainless steel. The company explained that cheap and low quality materials have flooded the market which are imported especially from China. It was one of the companies that urged the U.S. government to look into the matter of unfair imports from China. The U.S. International Trade Commission confirmed that the country’s steel has been materially affected.
The company sentiments
Roger Newport the CEO of AK Steel stated that the company was extremely happy with the ITC acknowledgment that the steel industry in America had been affected adversary by the stainless steel materials from China. They commended the efforts of the state officials in counteracting the negative effects of subsidized imports and dumping in the hope of enhancing fair competition in the market.
World trade Organization is to blame
Reports from Alliance American Manufacturing accused the World Trade Organization for allowing trade violations to go unpunished. This has made it extremely difficult to track down dumping and exports and subsidized products. The government of President Trump gave their word through U.S. Senator Sherrod Brown. They promised to reset the trade relationship between China and the U.S.
The company’s share price was at $7.93 a rise of more than 3% on Monday March 13th. Last year it reported $5.88 billion in revenue and a net loss of $7.8 million which a better performance than $509 million loss in 2015. The company reported that it was still in the process of adapting to the times.
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