Steel Mills
October 31, 2017
AK Steel Earnings Disappoint in Q3
Written by Sandy Williams
AK Steel reported a net loss of $5.8 million in the third quarter compared to net income of $50.9 million in Q3 2016. Results were impacted by $13.1 million in acquisition and debt refinancing costs and a LIFO charge of $49.0 million, compared to a LIFO credit of $24.2 million in the prior-year third quarter.
Net sales were up 3.0 percent year-over-year to $1.49 billion. Flat-rolled steel shipments declined 2.0 percent to 1,368,600 tons as a result of softer automotive demand.
