AK Steel Losses Widen in Q4 - Company Losses $1 Billion During 2012

Written by: Sandy Williams
 
AK Steel reported net loss of 230.4 million for the fourth quarter 2012 compared to a net loss of 193.9 million in fourth quarter of 2011. Results include a pre-tax pension corridor charge of $157.3 million and a non-cash income tax charge of $96.4 million. Excluding these charges AK Steel has an adjusted net loss of $36.6 million for the quarter.

Lower spot market prices for carbon steel products and reduced raw materials surcharges in 2012 brought the average selling price for the fourth quarter to $1,011 per ton, 6 percent lower than third quarter and the same period in 2011. Sales in the fourth quarter were $1.42 billion on shipments of 1.406 million tons compared to sales of 1.51 billion on shipments of 1.409 million tons one year ago.