Commodities & Metals
AK Steel Warns on Second Quarter Company Earnings, Shares Rise
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What is driving the company’s stock price this morning, though, is its statement that spot prices for its carbon steel products have improved recently and that AK Steel has been able to raise its prices. The company expects to continue to benefit from the price increases, although it did not predict further increases.
Second-quarter earnings will be hit by a $21 million expenditure for scheduled maintenance, and a noncash income tax expense of $11 million. The second quarter also saw the average selling price of the company’s steel fall about 1%, from an average of $1,062 per ton in the first quarter to $1,055 per ton. AK Steel now believes that price drop has turned around.
After a small drop in the premarket, shares of AK Steel are up 1.7%, at $3.63 in a 52-week range of $2.76 to $6.73.
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