Monroe Chat

No great surprise here

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Report: WLWT
West Chester Company Predicts 3rd Quarter Profit
WEST CHESTER -- AK Steel Holding Corp., a supplier of steel for cars and trucks, on Tuesday posted a second-quarter loss of $47.2 million, partly due to shrinking demand from the battered auto industry.
It was the company's third consecutive quarterly loss and another sign of the anemic demand for the metal amid the global downturn. Like other steel makers, AK Steel has been forced to reduce production and lay off workers since late last year.
Shares of AK Steel fell 86 cents, or 4.2 percent, to $19.44 in pre-market trade.
AK Steel's loss amounted to 43 cents per share for the three months ended June 30. That compares with a profit of $1.29 per share during the same period last year.
Revenue slid 65 percent to $793.6 million.
Analysts, on average, expected the West Chester, Ohio-based company to lose 75 cents per share on revenue of $929.3 million. Wall Street typically excludes one-time charges in its earnings estimates.
The market for the metal -- used in everything from trucks to bridges -- remains far weaker than it was a year ago, when surging demand and prices helped steel companies notch record profits.
The company, which had forecast a quarterly loss, said it expects to return to operating profitability in the third quarter. The industry has shown signs of improvement recently, with prices and production rising. Analysts say AK Steel could benefit from an eventual auto industry recovery.