AK Steel Holding Corporation
) declared that it will raise the current spot market base prices
for all carbon flat-rolled steel products by $30 per ton. The
price hike is effective immediately with new orders.
Last month, AK Steel released its third-quarter 2013 results. The
company posted a net loss of $31.7 million or 23 cents a share,
roughly 48% narrower than the loss of $60.9 million or 55 cents a
Barring one-time items (tax charges related to a valuation
allowance for deferred tax assets), AK Steel's loss for the
quarter was 12 cents per share, narrower than the Zacks Consensus
Estimate of a loss of 24 cents.
Revenues fell 9% year over year to $1,331.3 million in the
reported quarter due to lower shipments. It missed the Zacks
Consensus Estimate of $1,365 million. Shipments declined around
9% year over year to 1,242,400 tons due to the effects of
unplanned outage and seasonal reduction in shipments in the
AK Steel benefited from improved prices in the carbon spot
market. However, it experienced lowered electrical steel spot
market pricing during the quarter. The effect of declined pricing
was reflected particularly in International sales.
AK Steel plans to announce detailed fourth-quarter guidance in
Dec 2013. However, the company said that it expects better
performance in the fourth quarter compared to the third.
AK Steel currently holds a Zacks Rank #3 (Hold).
Other companies in the steel industry with favorable Zacks
Companhia Siderurgica Nacional
Shiloh Industries Inc.
Unites States Steel Corp.
). While both Companhia Siderurgica and Shiloh Industries hold a
Zacks Rank #1 (Strong Buy), United States Steel carries a Zacks
Rank #2 (Buy).
AK STEEL HLDG (AKS): Free Stock Analysis
SHILOH INDS INC (SHLO): Get Free Report
CIA SIDERUR-ADR (SID): Free Stock Analysis
UTD STATES STL (X): Free Stock Analysis
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