AK Steel (AKS: Quote) posted second quarter net loss of $724.2 million or $6.55 per share versus a profit of $33.1 million or $0.30 per share a year ago.
Adjusted earnings per share were $0.10 versus adjusted loss per share of $0.11 in the same quarter last year. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share. Analysts' estimates typically exclude special items.
Net sales declined to $1.54 billion from $1.79 billion last year. Analysts expected revenues of $1.55 billion.
In addition, the company announced that it has elected to suspend its dividend, which will save the company about $22 million annually. This action will help enhance the company's financial flexibility and further support capital needs for the business.
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by RTT Staff Writer
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