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July 25, 2012
Non-Cash Charge Turns Profitable Quarter into Loss for AK Steel
AK Steel, West Chester, Ohio, reported a net loss of $724.2 million during the company’s second quarter. The second-quarter results include the effects of a non-cash charge of $736.0 million. Excluding the effects of this charge, the company’s adjusted net income for the second quarter was $11.4 million.
AK Steel reported a net loss of $11.8 million during the company’s first quarter. During last year’s second quarter, the steelmaker reported $33.1 million in net income.
Net sales for the second quarter of 2012 totaled $1.54 billion on shipments of 1.4 million tons, compared to sales of $1.79 billion on shipments of 1.5 million tons for the year-ago second quarter. Sales and shipments were both up modestly compared to the first quarter.
“During the second quarter, sluggish domestic and global economic conditions impacted shipment volumes and selling prices for our steel products,” said James L. Wainscott, chairman, president and CEO of AK Steel. “Despite these market challenges, AK Steel recorded an improved operating profit and adjusted net income performance compared to the previous quarter.”
AK Steel officials reported an average selling price for the second quarter of $1,152 per ton, a 1 percent increase over the first quarter of 2012, and about 3 percent lower than the second quarter of 2011. The higher average selling price for the second quarter was primarily due to a richer product mix and increased contract sales, partially offset by lower selling prices for spot-market sales.
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