Shares of AK Steel Holding Corp. rose Wednesday after the manufacturer announced some product price increases, citing stronger demand and a need to recoup higher costs of some materials.

Shares of the company, which is based in West Chester, Ohio, rose 71 cents, or 3.7 percent, to $20 a share in afternoon trading.

AK Steel said late Tuesday it would increase spot market prices for carbon steel products by $30 per ton for new orders accepted for shipment beginning Jan. 1.

The new prices are in addition to previously announced hikes of $20 per ton for carbon hot rolled products and $30 per ton for carbon cold rolled and coated products effective Jan. 1.