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.