AK Steel anticipates Q1 2014 net loss of USD0.44 to USD0.49 per diluted common share.
M2 EQUITYBITES-March 24, 2014-AK Steel anticipates Q1 2014 net loss of USD0.44 to USD0.49 per diluted common share
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Steel company AK Steel (NYSE:AKS) said on Friday that it expects to incur a net loss of USD0.44 to USD0.49 per diluted share of common stock in first quarter 2014.
The company added that the expected net loss was driven by several factors in the first quarter and is not expected to continue during the rest of the year, including higher energy costs related to the extreme cold weather, an unplanned blast furnace outage, the acceleration of a planned blast furnace outage and a tentative legal settlement charge.
In addition, the company expects shipments in the range of 1,250,000 -1,275,000 tons in the Q1 2014, down by 10% to 12% from 1,420,000 tons in the Q4 2013, which is attributable principally to the effects of the unplanned outage at its Ashland Works blast furnace.
For the first quarter of 2014 , the average selling price will rise by approximately 6% to USD1,095 from its average selling price of USD1,031 per ton in the fourth quarter of 2013, primarily due to a richer shipment mix of value-added products, the company concluded .
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|Publication:||M2 EquityBites (EQB)|
|Article Type:||Financial report|
|Date:||Mar 24, 2014|
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