AK Steel shares sink 13 percent on earnings miss [CNBC]
AK STEEL HOLDINGS (AKS)
Last ak steel holdings earnings: 2/20 07:00 am
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US:NYSE Investor Relations:
ir.aksteel.com/investor-relations
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Source: CNBC
AK Steel shares dropped on Tuesday after reporting underwhelming second-quarter earnings impacted by unforeseen operational costs on Monday. Shares fell 13.3 percent after the steel-producer reported earnings of 18 cents per share, missing an estimated 20 cents by Thomson Reuters. Still, revenue matched expectations at $1.75 billion for the quarter. The steel-maker said in the period it had $11.5 million in additional costs because of a fire at one of the company's tempering mills and a power outage onset by a lightning strike at its casting-center Butler Works. Higher steel selling prices during the quarter more than offset rising costs for raw materials needed for steel, according to the company's earnings release. Steel prices have increased largely because of a 25 percent tariff on imported steel announced by the Trump administration in March. CEO Roger K. Newport said the company expects to rebound in the second half of the year on the back of stable demand
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