AK Steel Warns on Second Quarter Company Earnings, Shares Rise
June 17, 2013 by Paul Ausick
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.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.