West Chester Twp. steelmaker AK Steel Corp. said Friday it expects to incur a net loss for the third quarter ending Sept. 30.
The amount of the loss would be between 60 cents and 65 cents per diluted share of common stock, AK Steel said.
The company said it looks like so far this quarter it will ship out more steel from its plants, approximately 1.4 million tons, but the average selling price is lower than last quarter. That’s because of lower spot market prices for carbon steel products due to declines in global economic conditions; reduced raw material surcharges because of lower raw material costs; and less value-added steel products sold these past three months due to seasonal factors such as summer auto plant closures, the company said.
Additionally, this quarter AK steel will record expenses such as $29 million in planned major maintenance outages and a $29 million tax valuation allowance — a noncash charge.
AK Steel said Thursday it plans to release third-quarter financials on Oct. 23.
The Butler County company had a second-quarter net loss of $724.2 million and a first-quarter net loss of $11.8 million.
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