AK Steel Holding Corporation
) has announced that it will raise the current spot market base
price for its hot roll carbon steel to $660 per ton. The price
hike is effective immediately with new orders.
AK Steel produces flat-rolled carbon, stainless and electrical
steels, primarily for automotive, appliance, construction and
electrical power generation and distribution markets.
AK Steel released its fourth-quarter 2013 results on Jan 28.
The company posted net income of $35.2 million or 26 cents per
share compared with a loss of $230.4 million or $1.89 per share
in the year-ago quarter.
In the reported quarter, AK Steel recorded a non-cash income
tax benefit of $22.7 million or 17 cents per share, as a result
of the allocation of income tax expense to other comprehensive
income. The company also recorded an inventory-related credit of
$4.3 million in the reported quarter.
Barring one-time items (non-cash income tax benefit), AK
Steel's earnings for the quarter came in at 9 cents per share,
topping the Zacks Consensus Estimate of 5 cents.
Revenues rose 2.9% year over year to $1,464.8 million in the
reported quarter due to higher shipments. It exceeded the Zacks
Consensus Estimate of $1,427 million. Shipments increased about
1% year over year to 1,420,000 tons due to stronger demand in
automotive sales, partly offset by reduced carbon shipments to
the spot market.
AK Steel currently holds a Zacks Rank #1 (Strong Buy).
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Other companies in the steel and related industries with
favorable Zacks Rank are
Worthington Industries, Inc.
), with all retaining a Zacks Rank #2 (Buy).