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AK Steel (AKS) is leading the way in raising sheet prices, announcing a $50/ton increase this afternoon for all carbon sheet products effective immediately.

We had suggested earlier this week that domestic sheet producers were likely to announce a price increase in the next week or two – with AKS being the most likely – due to strong demand, low inventories, seemingly lower imports and higher prices for the imports that are coming in as a result of strengthening global prices.

Our full report provides further thoughts about domestic and global steel prices as well as the implication for steel equities.

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