WEST CHESTER, Ohio (AP) -- AK Steel will likely post a larger-than-expected second-quarter loss, the company said Monday, citing the effects of a maintenance outage at one of its blast furnaces, on top of greater tax expenses.
Losses for the quarter are expected to be between 33 cents and 38 cents per share, according to the company. That is far worse than the 12 cent loss Wall Street had been expecting, according to FactSet.
The West Chester, Ohio, steelmaker plans to shut down its Middletown blast furnace for seven days for planned maintenance.
Overall maintenance outage costs, including Middletown, are expected to total about $21 million for the quarter, up from $1 million in the first quarter of this year, the company said.
AK Steel also expects to record non-cash income tax expenses of about $11 million, or 8 cents per share, for the second quarter. That compares with an income tax benefit of $2.8 million, or 2 cents per share, in the second quarter.
As a result, the company said it expects its tax expense to be about $14 million, or 10 cents per share, higher in the second quarter compared with the first quarter.
AK Steel also said Monday that it expects its second-quarter shipments to total between 1.3 million and 1.4 million tons, which would represent an increase of about 4 percent to 5 percent over first-quarter levels, helped by higher demand from the automotive and carbon spot markets.
But the company said it expects its average selling price per-ton for the quarter to edge down about 1 percent from first-quarter levels to about $1,055 per ton, mainly as a result of lower spot market prices for carbon steel products.
Despite that decrease, AK Steel said that pricing has been more favorable in recent weeks, noting that it recently announced price increases for carbon flat-rolled steel products, which has boosted its spot market selling prices.
Shares of AK Steel Holding Corp. fell 3 cents to $3.54 in morning trading.
WEST CHESTER, Ohio, June 17, 2013 /PRNewswire/ -- AK Steel (AKS) today provided guidance for its second quarter of 2013 financial results.
AK Steel said that it expects shipments of approximately 1,340,000 to 1,360,000 tons in the second quarter of 2013 compared to shipments of 1,289,800 tons in the first quarter of 2013, an increase of approximately 4% to 5%. For the second quarter of 2013, the company said it expects increased shipments to the automotive market and carbon spot market compared to the previous quarter.
The company expects its average selling price per-ton for the second quarter of 2013 to decrease by approximately 1%, to about $1,055 per ton, from its average selling price per ton of $1,062 for the first quarter of 2013. The expected decrease in average selling price is primarily due to lower spot market prices for carbon steel products compared to the previous quarter. Despite this quarter over quarter reduction, pricing has been more favorable in recent weeks and on May 23, 2013 and June 13, 2013, the company announced price increases on carbon flat-rolled steel products. As a result, the company's spot market selling prices have improved recently and the company expects to continue to benefit in future months from these announced price increases.
As previously disclosed, the company's second quarter results will include the effect of a planned seven-day maintenance outage at its Middletown blast furnace, which was the first major maintenance outage that has been required for that furnace since a reline in 2009. Total maintenance outage costs, including for the Middletown blast furnace, are expected to be about $21 million in the second quarter, compared to $1 million in the first quarter, representing an increase of approximately $20 million in costs from the prior quarter. The company does not have any other planned blast furnace maintenance outages for the remainder of 201
Thanks again for your work .The street imo is a lazy #$%$ group of people that need a firm date from the companies they follow and can rely on Q after Q .D.D. isn't their strong suit .
I knew that dumb cluck G.E. read these post of mine . Let's see how He handles the call ? And the SEC (10-K) is still on hold I see ? Don't halfa$$ it now G.E.
"Quit trying to scare people " Did I scare you I am so sorry ? I didn't mean to scare anyone .You might want to use the ignore feature provided by yahoo ? I know I will . I do it for all twits that scare so easy . BOOOOO
would have been the right thing to do . Calling IR is a #$%$ shoot .What else are they going to say when you phone them ? Just more of the party line . And more forward looking statement's(CYA) that we have heard for along while now.While you are on the cell phone give the T.A. a call to see if they are still gagged ?
4.3 million share's traded above that price of 3.40$ .The close of the gap in the same session is really positive at come imo. Show's some support .Yes it could fall some more ? But I believe the S/P is closer to the bottom than the top. Short Interest has fallen some also.GLTA
What is an Indemnity Agreement?
An indemnity agreement is a contract where one party agrees to protect another party against certain future claims or losses. For example, suppose Jack would like to enter into a contract with Jill to build a playground, but Jill is hesitant because of the potential future liability of such an endeavor. In this case, Jack could chose to indemnify Jill against future claims that may arise due to Jill’s participation in the contract. Jill is protected and Jack gets Jill’s participation. Indemnity agreements will memorialize this understanding and will also set out some of the basic terms of the indemnification. Here is an example of an indemnification agreement.
Tags: Indemnity Agreement
The entire market's have been overbought(extremely over bought in my word's) for over 4 month's now using any matric you want to use .I agree that a pull back is in order .Have no idea about a price though ? A 4 % - 7 % has been mentioned by the talking heads .
"I can't believe you would speculate and not take GE's word?' Voted as one of the funniest statement's of all time's .The rest of your post is just utter nonsense ! Try keeping it real at least. BTW What connection do you have with G.E. or with any of his holding companies ? GLWYQ
1. Election of Directors (Proposal 1): Stockholders re-elected each of the following:
For Against Abstentions Broker Non-Votes
Richard A. Abdoo 41,527,266 3,027,698 783,420 58,527,013
John S. Brinzo 41,666,793 2,841,387 830,204 58,527,013
Dennis C. Cuneo 42,192,576 2,347,363 799,445 58,526,013
William K. Gerber 42,308,346 2,229,151 800,887 58,527,013
Dr. Bonnie G. Hill 42,017,995 2,522,542 797,847 58,527,013
Robert H. Jenkins 41,625,284 2,916,098 797,002 58,527,013
Ralph S. Michael, III 41,946,978 2,587,249 804,157 58,527,013
Shirley D. Peterson 42,236,467 2,302,038 799,879 58,527,013
Dr. James A. Thomson 42,194,813 2,336,031 807,540 58,527,013
James L. Wainscott 41,944,296 2,564,762 829,326 58,527,013
"and the Company’s objective is to file the Form 10-K by June 17, 2013, and to file the Form 10-Q as soon as reasonably practicable thereafter. "The Company will submit to the NYSE MKT a compliance plan to this effect, as referred to in the previous paragraph." Talk about a forward looking statement that is open ended and wishful thinking .