However, in the first quarter of last year, the company said its results included a charge of $25.3 million related to the Patient Protection and Affordable Care Act and the related Heath Care and Education Affordability Reconciliation Act. “Despite slightly lower shipments than we estimated, and continued high raw material costs, we improved operating income by more than $174 million compared to the fourth quarter of 2010,” AK Steel Chairman, President and Chief Executive Officer James Wainscott said in a released statement.
From January through March, AK Steel shipped 1,423,100 tons of steel, which was less than the company expected in its first quarter outlook. AK Steel said it expected steel shipments for the first quarter of 2011 to be approximately 1,450,000 tons.
AK Steel expected to break even at the operating level in the first quarter of this year, but turned an operating profit of $19.5 million, according to its first quarter report.
AK Steel (NYSE: AKS) also announced that its board of directors has declared a quarterly cash dividend of $0.05 per share of common stock, to be paid on June 10 to registered holders of stock as of May 13.
A conference call on earnings can be accessed at 11 a.m. at www.aksteel.com .