Oct 22, 2013, 1:15pm EDT
AK Steel cuts 3Q losses
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AK Steel posted a net loss of $31.7 million in the third quarter.
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Joe Cogliano
Senior Reporter-
Dayton Business Journal
Email | Twitter | Google+ | LinkedIn AK Steel has trimmed its third quarter losses nearly in half.
The West Chester-based steelmaker on Tuesday reported a net loss of $31.7 million, or 23 cents per diluted share, for quarter ending Sept. 30, compared to a net loss of $60.9 million, or 55 cents per diluted share, for the same period in 2012. Net sales for the third quarter of 2013 were $1.33 billion on shipments of 1.24 million tons, compared to $1.46 billion on shipments of 1.36 million tons for the quarter last year.
The health of AK Steel is critical because it is one of the largest employers in the region. In early afternoon trading, AK Steel shares were selling for $3.97, down 9 cents or 2.2 percent.
“At AK Steel, we met our challenges head-on during the third quarter of 2013, and we continue to make solid progress on several fronts,” said James Wainscott, chairman, president and CEO of AK Steel, in a statement. “By remaining focused on all of the items within our control, we have positioned the company for an improved fourth quarter.”
The company recorded expenses of $4.2 million during the third quarter of 2013 for planned outages, compared to $28.5 million in the third quarter of 2012 and $21.6 million in the second quarter of 2013.
AK Steel has about 2,500 local employees, according to Dayton Business Journal research