AK Steel Says National Security Implications of Imported Steel are Real

AK Steel reported net income of $62.5 million for its best first quarter since 2008. Shipments declined to 1,486,900 tons year-over-year due to intentionally reduced sales of lower margin products. Net sales increased one percent from Q1 2016 to $1.53 billion as a result of increases in average selling price on both spot and contract sales, higher specialty steel surcharges, and improved product mix. Average selling price per ton increased 12 percent to $1,022 from a year ago.

“Our first quarter performance reflected the ongoing benefits of our margin enhancement activities, strong operational focus and an improved pricing environment,” said Roger K. Newport, Chief Executive Officer of AK Steel. “We also made great progress in the quarter on new product development, as we continue to focus on introducing innovative products.”