logo
Share SHARE
FONT-SIZE Plus   Neg

AK Steel Slips To Loss, But Meets Street

AK Steel Holding Corp. (AKS) said Tuesday it slipped to a loss for the first quarter as lower steel shipments impacted its revenue. Both results for the quarter came in line with Street expectations. AK Steel shares are currently up 2.45 percent in afternoon trade on the New York Stock Exchange.

AK Steel, which makes flat-rolled carbon, stainless and electrical steels, said it shipped 1.32 million tons of steel during the quarter, down from 1.42 million tons last year.

Average selling price for the quarter was up 3 percent from last year at $1,138 per ton, reflecting a richer product mix, higher contract sales and better prices for some products.

West Chester, Ohio-based AK Steel reported a net loss of $11.8 million or $0.11 per share for the first quarter, compared to net income of $8.7 million or $0.08 per share last year.

On average, 14 analysts polled by Thomson Reuters expected a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

Earlier in March, AK Steel was expecting a loss of $0.11 to $0.15 per share for the first quarter.

Net sales for the first quarter were $1.5 billion, compared to $1.58 billion last year. Analysts expected revenues of $1.5 billion.

AK Steel has declared a quarterly cash dividend of $0.05 per share of common stock, payable on June 8 to shareholders on record May 15.

AKS is trading on the NYSE at $7.68, up $0.34 or 4.63%, on a volume of about 9.0 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT