WEST CHESTER, Ohio (AP) — AK Steel said Monday that it will increase its spot market base prices for all carbon flat-rolled steel products by $30 per ton.

The West Chester, Ohio-based steel maker said the increase is effective immediately with new orders. AK Steel shares rose nearly 8 percent in afternoon trading.

AK Steel produces flat-rolled carbon, stainless and electrical steels, mainly for use in the automotive, infrastructure, construction and electrical power markets. 

Like other U.S. steel companies, AK Steel has struggled in the face of declining demand in the slow global economy, higher raw material costs in some cases and plentiful supplies. Last month, it reported a $724.2 million second-quarter loss, hurt by a drop in sales and a hefty tax-related charge.

AK Steel shares rose 38 cents, or 7.7 percent, to $5.29 in afternoon trading, after peaking at $5.32 earlier in the day. Over the past 52 weeks, the company's shares have traded between $4.44 and $11.23.