There is no way this stock should be getting hammered like this. AK is heavily into Automotive (see below). They have a solid order book, and made $.10/share last Q, before the tax charge. Yes, their revenue fell a little. However, pricing fluctuates, and shipments of units or tons is more important than fluctuations in revenue. Imports are down, and scrap is expected to go up. This should bold well for a second price increase in the next month.
Ford and Chrysler shortened summer shutdowns – In response to growth in automotive sales, Ford reduced their typical two week summer shut-down to one. Chrysler has also chosen to cut back to a one week shutdown at one of its facilities and keep the others running without any stoppage. The un-usual move follows growth in sales from the same period a year ago of 6.6% for Ford and 30.3% for Chrysler.